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Sirius XM Radio Price $800 Million of Senior Notes (SIRI)

Written on Sat, 03/13/2010 - 10:37am
By Chip Brian

3/13/2010-Sirius XM Radio (NASDAQ:SIRI) rose 1.1% after hours Friday after the company announced that it has priced an offering of $800 million of Senior Notes due 2015 at an annual rate of 8.75%.
The satellite radio company expects to receive gross proceeds of $800 million from the sale of the notes.
SIRIUS XM will use the net proceeds from the offering to redeem all of its outstanding 9-5/8% Senior Notes due 2013, including premiums and accrued and unpaid interest thereon; to prepay in full all of its borrowings under its senior secured term loan that matures in 2012; and to pay fees and expenses related to the offering.
SIRIUS XM intends to use any remaining net proceeds for general corporate purposes.

Keywords: sirius xm radio Offering senior notes Stock smartrend

Ticker(s): SIRI

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