SiriusXM Completes $1 Billion Senior Notes Offering
03.06.15
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Simpson Thacher represented Sirius XM Holdings Inc. (“Holdings”) in connection with the offering by its subsidiary, Sirius XM Radio Inc. (“SiriusXM”), of $1 billion aggregate principal amount of 5.375% Senior Notes due 2025 in reliance on Rule 144A and Regulation S. SiriusXM intends to use the net proceeds from this offering for general corporate purposes, including the repayment of all outstanding drawings under SiriusXM’s senior secured revolving credit facility, and dividends or loans to Holdings to fund share repurchases of its common stock.
Sirius XM Holdings Inc. (Nasdaq: SIRI) is the world’s largest radio broadcaster measured by revenue and has more than 27 million subscribers. SiriusXM creates and broadcasts commercial-free music; premier sports talk and live events; comedy; news; exclusive talk and entertainment; and the most comprehensive Latin music, sports and talk programming in radio.
The Simpson Thacher team for the transaction included Andy Keller, Lia Toback and Benjamin Heriaud (Capital Markets); Jonathan Cantor and George Davis (Tax); and Jamin Koslowe (Executive Compensation and Employee Benefits).