SiriusXM to borrow $2bn
June 8, 2021
By Chris Forrester
US pay-radio operator SiriusXM, helped in the knowledge that its latest satellite is on its way to orbit, is to raise $2 billion in the form of 4 per cent senior notes “subject to market conditions”.
The new borrowings will be used to repay all of its outstanding 3.875 per cent Senior Notes due next year, and to reduce its borrowings under its existing credit facilities. Payment date on the new borrowing will be 2028.
Sirius says: “Beginning August 1, 2021, the company may redeem the 3.875 per cent Senior Notes due 2022 at a redemption price of 100.000 per cent of the principal amount thereof plus accrued and unpaid interest thereon to, but excluding, the redemption date. Pending application of the offering proceeds to redeem the 3.875 per cent Senior Notes due 2022, the company currently expects to use all of the net proceeds to repay borrowings outstanding under its senior secured credit facility.”
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