...June 7, 2021 NEW YORK (S&P Global Ratings) June 7, 2021--S&P Global Ratings today assigned its '##' issue-level rating and '3' recovery rating to New York-based satellite radio operator Sirius XM Radio Inc.'s proposed $1.5 billion senior unsecured notes due in 2028. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. Sirius XM plans to use the proceeds to redeem its 3.875% senior unsecured notes due in 2022 ($1 billion outstanding) and partially repay borrowings on its revolving credit facility maturing in 2023 (approximately $1 billion outstanding as of March 31, 2021). Our '##' issuer credit rating and stable outlook on Sirius XM are unchanged because the proposed transaction is leverage-neutral. We expect net leverage will remain in the mid-3x area over the next year as the company returns all free operating cash flow to shareholders. We expect EBITDA growth will be flat in 2021 as certain...
