Sirius XM Radio Inc.: Covenant Quality Pre-Sale Snapshot: $500m _% Senior Notes due 2022 / $1bn _% Senior Notes due 2027
CORPORATES ISSUER IN-DEPTH 27 June 2017 Source Documents: Prelim OM (26 Jun 2017) Peer Group: » Media & Publishing KEY METRICS: (All figures in $ millions unless otherwise noted) (Ratios may vary from Moody’s adjusted ratios) See Snapshot User’s Guide for terminology, analytical criteria and our ranking of covenant structures. This report contains Moody’s analysis of the principalSirius XM Holdings operates two complementary audio entertainment businesses through its wholly owned subsidiary, Sirius XM Radio Inc. (Sirius XM) and Sirius XM's wholly owned subsidiary, Pandora Media, LLC (Pandora). The company's Sirius XM business features music, sports, entertainment, comedy, talk, news, traffic and weather channels, as well as infotainment services, on a subscription fee basis. The company's Pandora business operates a music, comedy and podcast streaming discovery platform, providing a personalized experience for each listener wherever and whenever they want to listen, whether through mobile devices, car speakers or connected devices.
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