...August 2, 2021 NEW YORK (S&P Global Ratings) Aug. 2, 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 $750 million senior unsecured notes due in 2026 and $1.25 billion senior unsecured notes due in 2031. 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 $1 billion of its 4.625% senior unsecured notes due in 2024 ($1.5 billion outstanding) and all of its 5.375% senior unsecured notes due in 2026 ($1 billion outstanding). Our '##' issuer credit rating and stable outlook on Sirius XM are unchanged because the proposed transaction is neutral for leverage. 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 modest EBITDA growth of...
