October 14, 2010 (FinancialWire) (http://www.financialwire.net/) — XM Satellite Radio Inc., a wholly owned subsidiary of Sirius XM Radio (NASDAQ: SIRI), said that it intends to offer up to $550 million of senior notes due 2018 in an offering.

The notes will be unsecured and guaranteed on a senior unsecured basis by certain of XM's existing and future subsidiaries.

XM said it plans to use the proceeds of the offering of the notes and cash on hand to repurchase its 11.25% senior secured notes due 2013 tendered pursuant to a tender offer and related consent solicitation, assuming the tender offer and consent solicitation are completed, and to pay fees and expenses associated with the transactions.  

If the tender offer and consent solicitation are not completed, XM plans to use the proceeds for general corporate purposes, which may include the repayment of indebtedness.

New York-based Sirius XM is a satellite radio company that broadcasting more than 135 channels of music, and sports, news, talk, entertainment, traffic, weather, and data services to more than 19.5 million subscribers in cars, trucks, boats and aircraft, and through a range of mobile devices.

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