Research Desk Line-up: Entercom Communications Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 4, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Sirius XM Holdings Inc. (NASDAQ: SIRI), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=SIRI. The Company announced on August 02, 2017, that its subsidiary, Sirius XM Radio, Inc., intends to offer an additional $250 million aggregate principal amount of its 3.875% Senior Notes due 2022, and an additional $250 million aggregate principal amount of its 5.0% Senior Notes due 2027 as an add-on to the existing series of those notes currently outstanding. According to the Q2 FY17 report released on July 27, 2017, the Company's self-pay subscribers grew by 0.47 million, where the net subscribers exceeded 32 million. Sirius XM is an online entertainment service which offers over 175+ channels, and a host of other add-ons for vehicles, including traffic, weather, etc., For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Discover more of our free reports coverage from other companies within the Broadcasting - Radio industry. Pro-TD has currently selected Entercom Communications Corp. (NYSE: ETM) for due-diligence and potential coverage as the Company reported on July 28, 2017, its financial results for Q2 which ended on June 30, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Entercom Communications when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on SIRI; also brushing on ETM. Go directly to your stock of interest and access today's free coverage at:
http://protraderdaily.com/optin/'symbol=SIRI
http://protraderdaily.com/optin/'symbol=ETM
The Announcement
Sirius XM Radio announced that it intends to use the net proceeds from this offering to redeem all of its outstanding 5.25% Senior Secured Notes, due 2022, and to repay a portion of the borrowings outstanding under its revolving credit facility. The Company currently plans to maintain any excess amount from their pending application as cash on hand. The Notes will be issued to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the US, subject to compliance with Regulation S of the Securities Act.
As of June 30, 2017, the Company had $400 million in aggregate principal amount of 5.25% Secured Notes outstanding. The 5.25% Secured Notes are redeemable on and after August 15, 2017, at 102.625% of the principal amount thereof, plus accrued and unpaid interest. Sirius XM Holdings is the world's largest radio Company, measured by revenue and number of subscribers. SiriusXM also holds a minority interest in SiriusXM Canada, which has about 2.8 million subscribers.
The Primary Offering
Prior to the announcement, on June 26, 2017, SiriusXM reported that its subsidiary, Sirius XM Radio intends to offer $500 million of Senior Notes due 2022 and $1 billion of Senior Notes due 2027 to qualified institutional buyers. The Company announced that it intends to use the net proceedings, along with cash on hand, to redeem all of its outstanding 4.25% Senior Notes due 2020, and 5.75% notes due 2021, and also to repay a portion of the $1 billion of net borrowings, which were outstanding under the revolving credit facility.
Q2 FY17 Results
SiriusXM recently reported its Q2 FY17 results on July 27, 2017, where the Company announced that revenue for the quarter climbed by 9% to $1.3 billion YOY. SiriusXM reported net earnings of $202 million in Q2 FY17, up 16% from $175 million in Q2 FY16. The Company's net operating cash flow surged by 12% to $483 million versus $432 million in Q2 FY16. The Company announced the closing of recapitalization of SiriusXM Canada, the acquisition of a minority stake in Pandora, and the acquisition of Automatic Labs in Q2 FY17.
Last Close Stock Review
Sirius XM's share price finished yesterday's trading session at $5.64, slightly sliding 0.70%. A total volume of 17.37 million shares have exchanged hands. The Company's stock price soared 16.65% in the last three months, 18.74% in the past six months, and 33.33% in the previous twelve months. Additionally, the stock rallied 26.74% since the start of the year. Shares of the Company have a PE ratio of 33.57 and have a dividend yield of 0.71%. The stock currently has a market cap of $26.04 billion.
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