Sirius XM Radio Prices Add-on Offering of its 3.875% Senior Notes


SiriusXM today announced that its subsidiary, Sirius XM Radio Inc., has priced an offering of $250 million aggregate principal amount of its 3.875% Senior Notes due 2022 and $250 million aggregate principal amount of its 5.000% Senior Notes due 2027 at an issue price of 101% of their aggregate principal amount plus accrued interest from July 5, 2017. These notes will be part of the same series as, and rank equally with, the Company's 3.875% Senior Notes due 2022 and 5.000% Senior Notes due 2027 issued in July 2017. The Company will receive gross proceeds of $505 million from the sales of the notes (excluding any accrued interest payable to the Company by the purchasers) before deducting the initial purchasers' commissions and offering fees and expenses. The notes will be issued 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 to redeem all of its outstanding 5.25% Senior Secured Notes due 2022 (the "5.25% Secured Notes") and to repay a portion of the borrowings 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 more than 32 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 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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