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A Sirius satellite radio unit is shown installed in a vehicle.
A Sirius satellite radio unit is shown installed in a vehicle.
(Jason Reed/Reuters)

Sirius XM debt demand could fund special dividend

Sirius XM Canada Holdings Inc. has completed an oversubscribed debt offering worth $200-million that could lead to a special dividend for shareholders.

The Toronto-based communications company said favourable market conditions were behind the decision to refinance its senior notes back when it reported earnings on April 14. It planned to redeem $130.7-million of debt that paid a 9.75-per-cent coupon, and take on another $150-million at a lower interest rate.