SiriusXM completes tender offer for $499 million in 2026 notes

Sirius XM Holdings Inc. (NASDAQ: SIRI) announced that its subsidiary Sirius XM Radio LLC completed a cash tender offer for its 3.125% Senior Notes due 2026, with the offer expiring March 4, 2026.

The company received valid tenders for $498.9 million in principal amount of the notes, representing 49.89% of the $1 billion outstanding. The purchase price was $994.64 per $1,000 principal amount of notes. An additional $70.6 million in notes remain subject to guaranteed delivery procedures.

SiriusXM expects to accept all validly tendered notes and make payment March 5, 2026. Notes tendered under guaranteed delivery procedures will be paid March 9, 2025, according to the press release.

The company will fund the purchase using proceeds from its recent issuance of $1.25 billion in 5.875% senior notes due 2032, which closed March 4, 2026, combined with existing cash.

Following the tender offer settlement, Sirius XM Radio LLC plans to redeem any remaining outstanding 2026 notes, which are currently callable at 100% of principal amount plus accrued interest. The notes mature September 1, 2026.

Citigroup Global Markets Inc. served as exclusive dealer manager for the offer, while Kroll Issuer Services acted as tender and information agent.

The tender offer was part of SiriusXM's debt refinancing strategy, allowing the company to extend its debt maturity profile by replacing notes due in 2026 with longer-term debt due in 2032.

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