Sirius XM plans $1 billion debt offering to refinance 2026 notes

Sirius XM Radio LLC plans to offer $1 billion in senior notes due 2032 to qualified institutional buyers, according to a statement from parent company Sirius XM Holdings Inc. (NASDAQ: SIRI).

The subsidiary intends to use proceeds from the offering, along with cash on hand, to purchase or redeem its existing 3.125% senior notes due 2026 through a concurrent tender offer. As of December 31, 2025, $1 billion in aggregate principal amount of the 3.125% notes remained outstanding.

The new notes will be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S of the Securities Act. The securities will not be registered under the Securities Act or state securities laws.

The 3.125% notes are currently redeemable at 100% of their principal amount plus accrued interest. The company plans to redeem any notes not purchased through the tender offer.

Sirius XM operates audio entertainment services including its satellite radio subscription service and Pandora's music streaming platform. The company reports reaching approximately 170 million monthly listeners across its various services.

The offering is subject to market conditions, and the company noted that the announcement does not constitute an offer to sell or solicitation to buy the securities.

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