SiriusXM raises $1.25bn
June 6, 2019
By Chris Forrester
US pay-radio operator SiriusXM initially planned to raise $1 billion of fresh borrowing but such was the positive market response that it increased the amount to $1.25 billion (in the form of Senior Notes due 2029) and priced at 5.5 per cent.
The company says it will use the borrowing to repay a portion of its existing $1.75 billion of revolving credit due for repayment in 2023.
The balance will be used for corporate purposes including the possibility of buying back its own shares for cancellation.
With the recent addition of Pandora, the largest streaming music provider in the US, SiriusXM reaches more than 100 million people with its audio products.