SiriusXM announced today that its subsidiary, Sirius XM Radio Inc., intends to offer, subject to market conditions, $1 billion of Senior Notes due 2029 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and non-U.S. persons outside the United States in compliance with Regulation S of the Securities Act.
The company intends to use the net proceeds from this offering initially to repay a portion of the borrowings outstanding under its $1,750 million Senior Secured Revolving Credit Facility due 2023. Balances outstanding under the Credit Facility fluctuate as our needs dictate and borrowings thereunder are used for general corporate purposes, which may include the funding of share repurchases by SiriusXM and the repurchase, redemption, defeasance, tender or repayment of the company's other outstanding indebtedness, in each case, from time to time and as market conditions permit.
The securities have not been and will not be registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
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