Sirius XM Radio announced that on 9/1, it will redeem all of its outstanding 9.75% Senior Secured Notes due 2015, at a redemption price of 104.875% plus accrued interest. As of 7/25, $186,112,000 of the 9.75% Senior Secured Notes due 2015 is outstanding.
“Our strong cash position and growing free cash flow profile have put us in a position to retire these notes three years ahead of their maturity, at the first available redemption date,” said David Frear, SiriusXM EVP/CFO. “The early retirement of these notes will reduce interest expense and eliminate the only remaining piece of secured debt on our balance sheet.”
