Sirius XM Radio Prices $600 Mln Senior Notes Offering

(RTTNews) - Sirius XM Radio Inc. (SIRI) said Monday that it has priced an offering of $600 million of Senior Notes due 2021.

The notes were offered to qualified institutional buyers. The notes will bear interest at an annual rate of 5.750%. The price to investors will be 100% of the principal amount of the notes.

The company will receive gross proceeds of $600 million from the sale of the notes before deducting the initial purchasers' commissions and estimated offering fees and expenses.

SiriusXM plans to use the net proceeds of the offering, together with cash on hand, to redeem its outstanding 8.75% Senior Notes due 2015.