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Sirius XM To Offer $250M In Notes

8/13/2009 10:41:43 AM Eastern

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.

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