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XM Offers $350M In Notes

6/22/2009 11:41:00 AM Eastern

New York — XM Satellite Radio, now a subsidiary of Sirius XM, announced Monday it is offering $350 million in senior secured notes to institutional buyers to repay debt.

The company hopes to use the proceeds of the notes, due in 2013, to repay all its outstanding debt and to use the balance for “general corporate purposes.”

In February/March, Sirius XM received a $530 million investment from Liberty Media in exchange for a 40 percent stake in the satellite-radio company.