XM Offers $400M Senior Notes in Pre-Merger Financing
The great satellite radio merger inches ever closer.
This morning, XM Satellite Radio (XMSR) announced a $400-million offering of senior notes, which it said is “part of a series of transactions to refinance certain debt,” in connection with its pending merger with Sirius Satellite Radio (SIRI). The company said the deal was structured in a way that would allow it to be unwound if the merger is not completed. The deal still awaits final approval from the FCC.