Simpson Thacher represented Sirius XM Holdings Inc. in connection with the offering by its subsidiary, Sirius XM Radio LLC (“SiriusXM”), of $1.25 billion aggregate principal amount of 5.875% Senior Notes due 2032 in reliance on Rule 144A and Regulation S and in connection with SiriusXM’s concurrent tender offer for any and all of its outstanding 3.125% Senior Notes due 2026. SiriusXM used or will use the net proceeds of the notes offering, together with cash on hand, to purchase the 3.125% Notes validly tendered and not validly withdrawn in the concurrent tender offer, to satisfy and discharge the indenture governing the 3.125% Notes and to redeem a portion of SiriusXM’s outstanding 5.000% Senior Notes due 2027.
Sirius XM Holdings Inc. (NASDAQ: SIRI) is a leading audio entertainment company in North America with a portfolio of audio businesses including its flagship subscription entertainment service SiriusXM; the ad-supported and premium music streaming services of Pandora; an expansive podcast network; and a suite of business and advertising solutions. Reaching a combined monthly audience of approximately 170 million listeners, SiriusXM offers a broad range of content for listeners everywhere they tune in with a diverse mix of live, on-demand, and curated programming across music, talk, news, and sports.
The Simpson Thacher team for the transaction included Marisa Stavenas, Lia Toback, Catherine Ciriello, and Michael Tremeski (Capital Markets); Michael Mann (Tax); Jamin Koslowe (Executive Compensation and Employee Benefits); and James Talbot, Christine Song, and Isabella Gonzalez (Intellectual Property).