New York -Sirius XM Radio announced it intends to offer $250 million in senior secured notes to pay off debt to Liberty Media Corp.
The notes, due in 2015, will be sold to institutional buyers. The $250 million offering follows a similar offering in June by XM Satellite Radio, a subsidiary of Sirius XM, for $350 million, which was then raised to $525 million, and contributed to paying down debt to Liberty Media.
Sirius XM received a $530 million investment from Liberty Media in exchange for a 40 percent stake in the satellite-radio company in February/March. Liberty Media owns a controlling interest in DirecTV.