Sirius XM Raising $350 Million To Pay Off Debt

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While Sirius XM’s (SIRI) product team is trying to drum up new subscribers via its new iPhone app, its financial engineers are raising more debt financing so the company can… pay off other debt.

The company will offer $350 million of 4-year senior secured notes, it said in a SEC filing.

Sirius XM fought off bankruptcy earlier this year by taking a last-minute loan from Liberty Media and John Malone. Subscriber growth has recently slowed — including a subscriber loss in Q1 — in large part because of the thrashed U.S. car industry.

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