North American pay-radio operator SiriusXM has priced two batches of new Senior Notes. The borrowings will be used to redeem existing debt.

The two amounts are:
$1 billion of 3.125 per cent notes due for repayment in 2026, and
$1.5 billion of 3.875 per cent notes due in 2031

“This represents an increase of $250 million in aggregate principal amount in the offering size of the 2026 Notes and $250 million in aggregate principal amount in the offering size of the 2031 Notes. The sale of the Notes is expected to be consummated on or about August 16, 2021, subject to customary closing conditions,” stated SiriusXM.

SiriusXM intends to use the net proceeds from the offering of the Notes, together with cash on hand and borrowings under its senior secured credit facility, to redeem all $1.0 billion of its outstanding 5.375 per cent Senior Notes due 2026 at a redemption price of 102.688 per cent of the principal amount thereof plus accrued and unpaid interest thereon to, but excluding, the redemption date and all $1.5 billion of its outstanding 4.625 per cent Senior Notes due 2024 at a redemption price of 102.313 per cent of the principal amount thereof plus accrued and unpaid interest thereon to, but excluding, the redemption date.

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Categories: Blogs, Business, Digital Radio, Funding, Inside Satellite

Tags: Howard Stern, siriusXM, usa