The Firm represented Sirius XM Radio Inc. (“SIRIUS”) in connection with its Rule 144A and Regulation S offering of $800 million aggregate principal amount of 8.75% Senior Notes due 2015. SIRIUS used a portion of the proceeds of the offering to repay in full its senior secured term loan and will use a portion of the balance of the proceeds to redeem all of its outstanding 9?% Senior Notes due 2013. The remaining amounts will be used for general corporate purposes.
J.P. Morgan Securities Inc. acted as sole bookrunner and Banc of America Securities LLC, UBS Securities LLC and Morgan Stanley & Co. Incorporated acted as co-managers.
SIRIUS is America’s satellite radio company delivering to subscribers commercial-free music channels, premier sports, news, talk, entertainment, and traffic and weather. SIRIUS has content relationships with an array of personalities and artists, including Howard Stern, Martha Stewart, Oprah Winfrey, Rosie O'Donnell, Jamie Foxx, Barbara Walters, Opie & Anthony, Bubba the Love Sponge(R), Bob Edwards, Chris “Mad Dog” Russo, Jimmy Buffett, The Grateful Dead, Willie Nelson, Bob Dylan and Tom Petty. SIRIUS 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 major college sports.
The Simpson Thacher team for this transaction included: Gary Sellers, Bryan Yoon, Iksoo Kim and Rohith Parasuraman (Capital Markets), Erik Hepler and Vanessa Bressler (Credit) and Jonathan Cantor and Rian Balfour (Tax). Paralegal Andre Sim provided valuable assistance.