NEW YORK, Aug. 21, 2012 /PRNewswire/ — Sirius XM Radio (SIRI) announced today that, on September 20, 2012, it will redeem all of its outstanding 13% Senior Notes due 2013 (the “13% Notes”), CUSIP Nos. 98375NAA8, U98407AA4 and 98375NAB6, at a redemption price equal to the sum of the present values of the principal amount and the remaining scheduled payments of interest on the 13% Notes to be redeemed discounted to the redemption date, plus accrued and unpaid interest (the “13% Notes Redemption”). As of August 21, 2012, $681,517,000 of the 13% Notes is outstanding.
Pro forma for the 13% Notes Redemption, the previously announced redemption of its 9.75% Senior Secured Notes due 2015 and the issuance on August 13, 2012 of $400,000,000 of 5.25% Senior Notes due 2022 (the “5.25% Notes”), SiriusXM would have had $2,441,095,000 of total long-term debt as of June 30, 2012.
“The successful issuance of the 5.25% Notes and our strong cash position allows us to retire all of our 13% Notes more than 10 months prior to maturity,” said David Frear, Executive Vice President and Chief Financial Officer, SiriusXM. “Following the redemption of these Notes, our next notes maturity will be on December 1, 2014.”