Sirius XM has retired its entire series of 3.125% Senior Notes due 2026 through a two-step process. The company first settled a cash tender offer for nearly half of the notes and subsequently satisfied and discharged the remaining principal. This debt refinancing was funded by a new issuance of higher-rate senior notes due in 2032.
Key Details
- Tender Offer: On March 5, 2026, Sirius XM settled a cash tender offer, purchasing approximately $498.9 million (49.89%) of the 3.125% Notes.
- Satisfaction & Discharge: On March 10, 2026, the company deposited funds to satisfy and discharge the remaining $501.1 million of the 3.125% Notes, discharging all obligations under the related indenture.
- Funding Source: Both actions were funded using a portion of the proceeds from a recent issuance of 5.875% Senior Notes due 2032.