Sirius XM Radio To Offer $500 Million Of Senior Notes

6/26/17

SiriusXM announced today that its subsidiary, Sirius XM Radio Inc., intends to offer $500 million of Senior Notes due 2022 and $1 billion of Senior Notes due 2027 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S of the Securities Act.

The company intends to use the net proceeds from this offering, together with cash on hand, to redeem all of its outstanding 4.25% Senior Notes due 2020 (the "4.25% Notes") and 5.75% Senior Notes due 2021 (the "5.75% Notes") and to repay a portion of the $1 billion of net borrowings currently outstanding under its revolving credit facility. Pending application of these amounts, the company currently expects to maintain any excess amount as cash on hand.

About SiriusXM

Sirius XM Holdings Inc. (NASDAQ: SIRI) is the world's largest radio company measured by revenue and has approximately 31.6 million subscribers. SiriusXM creates and offers commercial-free music; premier sports talk and live events; comedy; news; exclusive talk and entertainment, and a wide-range of Latin music, sports and talk programming. SiriusXM is available in vehicles from every major car company and on smartphones and other connected devices as well as online at siriusxm.com. SiriusXM radios and accessories are available from retailers nationwide and online at SiriusXM. SiriusXM also provides premium traffic, weather, data and information services for subscribers through SiriusXM Traffic™, SiriusXM Travel Link, NavTraffic®, NavWeather™. SiriusXM delivers weather, data and information services to aircraft and boats through SiriusXM Aviation™ and SiriusXM Marine™. In addition, SiriusXM Music for Business provides commercial-free music to a variety of businesses. SiriusXM holds a minority interest in SiriusXM Canada which has approximately 2.8 million subscribers. SiriusXM is also a leading provider of connected vehicles services, giving customers access to a suite of safety, security, and convenience services including automatic crash notification, stolen vehicle recovery assistance, enhanced roadside assistance and turn-by-turn navigation.

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