NEW YORK, May 18, 2016 /PRNewswire/ -- SiriusXM announced
today that its subsidiary, Sirius XM Radio Inc., intends to
offer $750 million of Senior Notes due 2026 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 a portion of the net proceeds from
the offering to repay all borrowings outstanding under its
revolving credit facility. The company intends to use the remaining
net proceeds from the offering for general corporate purposes,
which may include, from time to time and as market conditions
warrant, the repayment, repurchase, redemption, defeasance or
tender of its outstanding indebtedness, including any
future borrowings outstanding under its revolving credit
facility, dividends or loans to SiriusXM, its parent corporation,
to fund share repurchases of SiriusXM common stock and the payment
of the cash consideration for, and fees related to, SiriusXM's
previously announced recapitalization of Sirius XM Canada Holdings
Inc. Pending application of these amounts, the company
currently expects to maintain any excess amount as cash on
hand.
The securities have not been and will not be registered under
the Securities Act, or any state securities laws, and may not be
offered or sold in the United
States absent registration, except pursuant to an exemption
from the registration requirements of the Securities Act and
applicable state securities laws.
This announcement is neither an offer to sell nor a solicitation
to buy any of these securities, and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such an offer,
solicitation or sale would be unlawful.
About SiriusXM
Sirius XM Holdings Inc. (NASDAQ: SIRI)
is the world's largest radio company measured by revenue and has
more than 30 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 in the U.S. 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, SiriusXM Marine™, Sirius Marine
Weather, XMWX Aviation™, XMWX Weather, and XMWX
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 2.7 million subscribers. SiriusXM is
also a leading provider of connected vehicles services to major
automakers, 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.
This communication contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include, but are not limited to,
statements about future financial and operating results, our plans,
objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified
by words such as "will likely result," "are expected to," "will
continue," "is anticipated," "estimated," "believe," "intend,"
"plan," "projection," "outlook" or words of similar meaning.
Such forward-looking statements are based upon the current beliefs
and expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and generally
beyond our control. Actual results and the timing of events
may differ materially from the results anticipated in these
forward-looking statements.
The following factors, among others, could cause actual
results and the timing of events to differ materially from the
anticipated results or other expectations expressed in the
forward-looking statements: our substantial competition,
which is likely to increase over time; our ability to attract and
retain subscribers, which is uncertain; consumer protection laws
and their enforcement; the unfavorable outcome of pending or future
litigation; the market for music rights, which is changing and
subject to uncertainties; our dependence upon the auto industry;
general economic conditions; the security of the personal
information about our customers; existing or future government laws
and regulations could harm our business; failure of our satellites
would significantly damage our business; the interruption or
failure of our information technology and communications systems;
our failure to realize benefits of acquisitions or other strategic
initiatives; rapid technological and industry changes; failure of
third parties to perform; harmful interference to our service from
new and existing wireless operations; our failure to comply with
FCC requirements; modifications to our business plan; our
indebtedness; our principal stockholder has significant influence
over our affairs and over actions requiring stockholder approval
and its interests may differ from interests of other holders of our
common stock; and impairment of our business by third-party
intellectual property rights. Additional factors that could
cause our results to differ materially from those described in the
forward-looking statements can be found in our Annual Report on
Form 10-K for the year ended December 31,
2015, which is filed with the Securities and Exchange
Commission (the "SEC") and available at the SEC's Internet site
(http://www.sec.gov). The information set forth
herein speaks only as of the date hereof, and we disclaim any
intention or obligation to update any forward looking statements as
a result of developments occurring after the date of this
communication.
Source: SiriusXM
Contact for SiriusXM:
Hooper Stevens
212-901-6718
Hooper.stevens@siriusxm.com
Patrick Reilly
212-901-6646
patrick.reilly@siriusxm.com
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SOURCE SiriusXM