...CHICAGO (S&P Global Ratings) Aug. 2, 2017--S&P Global Ratings said today that its ratings and outlook on New York City-based Sirius XM Radio Inc. (##/Stable/--) remain unchanged following the company's announcement that it plans to issue a $250 million add-on to its $750 million 3.875% senior unsecured notes due 2022 and a $250 million add-on to the $1.25 billion 5% senior unsecured notes due 2027. Sirius plans to use the proceeds from the proposed add-on to redeem its $400 million 5.25% senior secured notes due 2022 and to repay a portion of the borrowings outstanding under the revolving credit facility. The unaffected ratings included our '##' issue-level rating and '3' recovery rating on the senior unsecured notes. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 55%) of principal in the event of a payment default. Sirius' leverage remains largely unchanged, at 3.4x as of June 30, 2017, and we expect it to remain in the 3x-4x range...
