SiriusXM Completes $2 Billion Senior Notes Offering
07.10.17
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Simpson Thacher represented Sirius XM Holdings Inc. in connection with the offering by its subsidiary, Sirius XM Radio Inc. (“SiriusXM”), of $750 million aggregate principal amount of 3.875% Senior Notes due 2022 and $1.25 billion aggregate principal amount of 5.000% Senior Notes due 2027 in reliance on Rule 144A and Regulation S. SiriusXM intends to use the net proceeds of this offering, together with cash on hand, to redeem its outstanding 4.25% Notes due 2020 and 5.75% Notes due 2021 and to repay a portion of the borrowings outstanding under its senior secured revolving credit facility.
Sirius XM Holdings Inc. (NASDAQ: SIRI) is the world’s largest radio broadcaster measured by revenue and has more than 31 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, Jonathan Zane and Catherine Burns (Capital Markets); Jonathan Cantor and George Davis (Tax); and Jamin Koslowe (Executive Compensation and Employee Benefits). Summer Associate Albi Kocibelli also provided valuable assistance.