SiriusXM Purchases 49.89% of $1B 2026 Notes at $994.64
SiriusXM's subsidiary received valid tenders for $498.935 million, or 49.89%, of its $1 billion 3.125% senior notes due 2026 at a purchase price of $994.64 per $1,000. It will be funded by proceeds from the closed $1.25 billion 5.875% 2032 notes issuance plus available cash to retire tendered and remaining 2026 notes.
1. Tender Offer Results
On March 4, 2026, SiriusXM Radio LLC’s cash tender offer for its 3.125% senior notes due September 1, 2026, expired with valid tenders for $498.935 million, representing 49.89% of the $1.0 billion outstanding notes, at a purchase price of $994.64 per $1,000 principal.
2. Funding via 5.875% 2032 Senior Notes
The Offeror will fund the note purchases using proceeds from the recently closed issuance of $1.25 billion aggregate principal amount of 5.875% senior notes due 2032, issued on March 4, 2026, supplemented by cash on the balance sheet.
3. Redemption and Trust Deposit Plans
After settlement, SiriusXM Radio LLC intends to redeem any remaining 2026 notes by issuing a redemption notice and depositing sufficient cash or U.S. government obligations in trust to satisfy principal and interest obligations through redemption or maturity, as stipulated under the indenture.