Sirius XM Radio Inc. (NASDAQ:SIRI): Current price $3.96
On Thursday, Moody’s Investors Service assigned B1 to Sirius XM Radio’s proposed $600-million senior notes. The company is expected to use the net proceeds from the new notes, together with some cash on hand to refinance the existing 7.625-percent senior notes due 2018. All other ratings remain unchanged, including the Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, as well as B1 instrument ratings on the existing senior notes. The B1 ratings on the proposed and existing senior notes are indicative of their effective subordination to the unrated secured revolver. Additionally, the stable rating outlook is unchanged.