NEW YORK, Aug. 13 /PRNewswire-FirstCall/ -- SIRIUS XM Radio (Nasdaq: SIRI) priced an offering of $257,000,000 of Senior Secured Notes due 2015.
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The notes, which were offered pursuant to Rule 144A and Regulation S under the Securities Act of 1933 (the "Securities Act"), will bear interest at an annual rate of 9.75%. The price to investors will be 97.248% of the principal amount of the notes. The company will receive gross proceeds of $249,927,360 from the sale of the notes before deducting the initial purchasers' commissions and estimated offering expenses.
SIRIUS XM will use the net proceeds from the offering to repay indebtedness incurred under its Credit Agreement with Liberty Media Corporation.
The notes have not been registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
This announcement is neither an offer to sell nor a solicitation to buy any of these securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
About SIRIUS XM Radio
SIRIUS XM Radio is America's satellite radio company delivering to subscribers commercial-free music channels, premier sports, news, talk, entertainment, and traffic and weather. SIRIUS XM Radio has content relationships with an array of personalities and artists, including Howard Stern, Martha Stewart, Oprah Winfrey, Jimmy Buffett, Jamie Foxx, Barbara Walters, Opie & Anthony, Bubba the Love Sponge((R)), The Grateful Dead, Willie Nelson, Bob Dylan, Tom Petty, and Bob Edwards. SIRIUS XM Radio is the leader in sports programming as the Official Satellite Radio Partner of the NFL, Major League Baseball((R)), NASCAR((R)), NBA, NHL((R)), and PGA TOUR((R)), and broadcasts major college sports.
SIRIUS XM Radio has arrangements with every major automaker.
