Sirius XM Radio Inc. (SIRI) said Thursday that it plans to offer $500 million of Senior Notes due 2020 to qualified institutional buyers.
The company said it plans to use the net proceeds from any such offering for general corporate purposes, which may include, from time to time and as market conditions warrant, share repurchases and the repurchase, redemption, defeasance, tender or repayment of its outstanding indebtedness, including any borrowings outstanding under our revolving credit facility.
Pending application of the amounts for such purposes, the company currently expect to maintain any excess amount as cash on hand.
For comments and feedback: editorial@rttnews.com