What’s Another $250M?


Sirius XMSiriusXM just announced a senior note offering of $750 million. The toner had barely settled on the press release before it decided to bump it up to an even $1 billion.

The plan for the influx is to spend it on general corporate purposes.

Among the goals is to pay down revolver and other debt and to possibly repurchase outstanding shares of common stock.

Wall Street ump Moody’s Investors Service called the $750M offer neutral, having no impact on the company’s Ba3 Corporate Family Rating nor its stable outlook.

And that assessment remains in place in light of the increase in the notes being offered.

Moody’s said the increase will bump leverage up to 3.8x, well below its Ba3 benchmark of 4.25x.