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Moody's: Sirius XM unchanged
Moody's Investors Service said that there is no change to the ratings on Sirius XM Radio Inc. or XM Satellite Radio Inc., following the $150 million upsizing of XM Satellite Radio's 7 5/8% senior unsecured bond offering due 2018 to $700 million from $550 million. The bond offering has a rating of B3 (LGD 4, 65%).
Sirius XM Radio's ratings also include its corporate family rating of B3, probability of default rating of B2, speculative grade liquidity rating of SGL-2, 9¾% senior secured notes due 2015 rating of Ba3 (LGD 2, 12%) and 8¾% senior unsecured notes due 2015 rating of B3 (LGD 4, 65%).
XM Satellite Radio's 11¼% senior secured notes due 2013 have a rating of Ba3 (LGD 2, 12%), and there is a B3 rating (LGD 4, 65%) on its 13% senior unsecured notes due 2013.
The proceeds will be used to pay fees and expenses associated with the transactions and general corporate purposes.
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