Sirius XM Radio LLC issues $1B Senior Notes due 2032, launches tender for 2026 notes

SIRIUS XM HOLDINGS INC.

Sirius XM Radio LLC intends to offer $1.0B of Senior Notes due 2032 in a private placement to QIBs and non-U.S. persons.
Proceeds, together with cash on hand, will fund concurrent tender offer for any and all of its 3.125% Senior Notes due 2026.
As of Dec 31, 2025, $1.0B of the 3.125% Notes were outstanding; currently redeemable at par plus accrued interest.
Tender offer expires March 4, 2026; purchase price based on +50 bps spread over 0.75% UST due Aug 31, 2026.
If less than all Notes are tendered, any remaining Notes will be redeemed or discharged.

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