Sirius XM Raises $800M in Notes Offering; Will Pay Off Debt

Authored by Mark Hefflinger on March 15, 2010 - 9:28am.

Washington - Satellite radio firm Sirius XM (NASD: SIRI) said that it has raised $800 million though an offering of senior notes, due in 2015.

The company said that it will use the proceeds to redeem notes due in 2013, as well as prepay borrowings under its term loan that matures in 2012.

Liberty Media (NASD: LINTA), which last year acquired a 40% stake in Sirius XM, planned to purchase $150 million of the notes.

The company raised the size of the offering, which originally was expected to net $550 million.

http://www.sirius.com