SiriusXM Announces Pricing Terms of Cash Tender Offer for 3.125% Senior Notes Due 2026

Tender offer for any and all outstanding 3.125% senior notes due 2026 priced at $994.64 per $1,000 principal amount

Published on Mar. 4, 2026

Got story updates? Submit your updates here. ›

Sirius XM Holdings Inc. (SiriusXM) announced the pricing terms of its previously announced cash tender offer to purchase any and all of its outstanding 3.125% Senior Notes due 2026. The purchase price was set at $994.64 per $1,000 principal amount of notes, plus accrued and unpaid interest.

Why it matters

The tender offer allows SiriusXM to refinance its outstanding 3.125% senior notes due in 2026 at a lower cost of capital, which could improve the company's financial flexibility and position it for future growth opportunities.

The details

The tender offer is being made pursuant to an Offer to Purchase and a related Notice of Guaranteed Delivery, with the purchase price determined based on a fixed spread of 50 basis points over the yield of the 0.750% U.S. Treasury due August 31, 2026. Tendered notes may be withdrawn at any time prior to the expiration of the offer on March 4, 2026, or after 60 business days if the offer is not completed. SiriusXM expects to fund the purchase of the notes with proceeds from a contemporaneous senior notes offering and cash on hand.

  • The tender offer is scheduled to expire at 5:00 p.m. New York City time on March 4, 2026.
  • The payment date for notes tendered under the guaranteed delivery procedures is expected to be March 9, 2026.

The players

Sirius XM Holdings Inc.

A leading audio entertainment company in North America with a portfolio of audio businesses including its flagship subscription service SiriusXM, the Pandora music streaming service, and a podcast network.

Sirius XM Radio LLC

A subsidiary of Sirius XM Holdings Inc. that is conducting the cash tender offer for the 3.125% Senior Notes due 2026.

Got photos? Submit your photos here. ›

What’s next

If the tender offer is completed but less than all of the notes are purchased, SiriusXM intends to redeem the remaining outstanding notes or pursue other options to satisfy and discharge its obligations under the notes.

The takeaway

SiriusXM's tender offer for its 3.125% senior notes due 2026 allows the company to refinance its debt at a lower cost, which could improve its financial position and flexibility to pursue future growth initiatives.