NEW YORK, Aug. 2, 2017 /PRNewswire/ -- 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.
As of June 30, 2017, the Company
had $400 million in aggregate
principal amount of 5.25% Secured Notes outstanding. The
5.25% Secured Notes are redeemable on and after August 15, 2017 at 102.625% of the principal
amount thereof, plus accrued and unpaid interest.
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 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.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.
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 the intended use of proceeds of the anticipated
notes offering. 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; interference to our service
from wireless operations; consumer protection laws and their
enforcement; unfavorable outcomes 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; 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; impairment of
our business by third-party intellectual property rights; and
changes to our dividend policies which could occur at any time.
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, 2016, 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 Sirius XM Holdings Inc.