Benzinga | Jun 7, 2021 11:21AM EDT

Sirius XM Radio Seeks to Raise $1.5B Via Senior Notes for Debt Refinancing

* Sirius XM Holdings Inc's (NASDAQ: SIRI) subsidiary, Sirius XM Radio Inc, plans to offer $1.5 billion of Senior Notes due 2028 in an institutional offering.

* The offering proceeds will be utilized to repay its 3.875% Senior Notes due 2022 and to repay, in part, its senior secured credit facility.

* Sirius's long-term debt stood at $8.9 billion as of Mar. 31, 2021.

* Price action: SIRI shares traded higher by 1.62% at $6.58 in the market session on the last check Monday.