Simpson Thacher represented Sirius XM Holdings Inc. in connection with the offering by its subsidiary, Sirius XM Radio Inc. (“SiriusXM”), of $2 billion aggregate principal amount of 4% Senior Notes due 2028 in reliance on Rule 144A and Regulation S. SiriusXM intends to use the net proceeds of this offering to redeem its outstanding 3.875% Senior Notes due 2022 and repay borrowings outstanding under its senior secured credit facility.
Sirius XM Holdings Inc. (NASDAQ: SIRI) is the leading audio entertainment company in North America, 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's properties reach more than 150 million listeners, the largest addressable audience in the U.S., across all categories of digital audio—music, sports, talk and podcasts. 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.
The Simpson Thacher team for the transaction included Marisa Stavenas, Lia Toback and Catherine Ciriello (Capital Markets); Jonathan Cantor and Abigail Hopper (Tax); Jamin Koslowe (Executive Compensation and Employee Benefits); and Genevieve Dorment (Intellectual Property). Summer Associate Sarah Spielberger also provided valuable assistance.