Simpson Thacher represented Sirius XM Holdings Inc. in connection with the offering by its subsidiary, Sirius XM Radio Inc. (“SiriusXM”), of $1.5 billion aggregate principal amount of 4.125% Senior Notes due 2030 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 5.375% Senior Notes due 2025 and its outstanding 4.625% Senior Notes due 2023.
Sirius XM Holdings Inc. (NASDAQ: SIRI) is the leading audio entertainment company in the U.S., and the premier programmer and platform for subscription and digital advertising-supported audio products. Pandora, a subsidiary of SiriusXM, is the largest ad-supported audio entertainment streaming service in the U.S. SiriusXM and Pandora together reach more than 100 million people each month with their audio products. SiriusXM, through Sirius XM Canada Holdings, Inc., also offers satellite radio and audio entertainment in Canada. In addition to its audio entertainment businesses, SiriusXM offers connected vehicle services to automakers and directly to consumers through aftermarket devices.
The Simpson Thacher team for the transaction included Marisa Stavenas, Lia Toback, Eva Kang, Catherine Ciriello and Kyle Schwab (Capital Markets); Jonathan Cantor and Abigail Hopper (Tax); Jamin Koslowe (Executive Compensation and Employee Benefits); and Genevieve Dorment (Intellectual Property).