Sirius XM Radio announced it intends to offer $750 million of Senior Notes due 2024 to qualified institutional buyers. Sirius XM said it intends to use the net proceeds from the offering for general corporate purposes, which may include, from time to time and as market conditions warrant, the repurchase, redemption, defeasance, tender or repayment of its outstanding senior or subordinated indebtedness, including any borrowings outstanding under its revolving credit facility, and dividends to SiriusXM, its parent corporation, to fund share repurchases of SiriusXM’s common stock. Pending application of these amounts, the company currently expects to maintain any excess amount as cash on hand.
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