The Firm represented Sirius XM Radio Inc. ("SIRIUS") in connection with its Rule 144A and Regulation S offering of $257 million aggregate principal amount of 9.75% Senior Secured Notes due 2015. SIRIUS used the proceeds of the offering to repay in full its credit agreement with Liberty Media Corporation, which was terminated upon the closing of the offering. J.P. Morgan Securities Inc. acted as sole bookrunner and UBS Securities LLC and Morgan Stanley & Co. Incorporated acted as co-managers.
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.
The Simpson Thacher team for this transaction included: Gary Sellers, Mark Brod, Elsa Wang and Ignacio De la Huerta (Capital Markets), Erik Hepler, Vanessa Bressler and Michele Murphy (Credit), Jonathan Cantor and Rian Balfour (Tax) and Mardi Merjian and Irina Petrova (Real Estate). Paralegal Asher Rumack provided valuable assistance.