Washington - Looking to wipe out some of the company’s heavy debt load, satellite radio firm Sirius XM (NASD: SIRI) said on Monday that its XM Satellite Radio unit plans to raise $350 million through a notes offering.
XM said that it will use the proceeds to repay part of what it owes under its credit agreement. The notes are due in 2013.
In February, Sirius XM avoided possible bankruptcy by landing $350 million in loans from Liberty Media that kept the company afloat.
Hurt by lagging car sales, Sirius XM reported 18.6 million subscribers at the end of the quarter, down from 19 million at the end of last year.
The company released its long-awaited iPhone application last week.