Sirius XM Holdings (SIRI) Stock Continues to Trade in a Range: What Next?

When a stock moves in a range, then it does not always mean that it is going to stay in the range and in fact, it is often seen that stocks breakout after such a phase. Hence, it could be a good move from investors if they consider taking a look at the Sirius XM Holdings Inc (NASDAQ:SIRI) stock.

With respect to the fact that the stock is trading in a range, it is also important to note that there has been no news about the company in recent weeks either. Back on June 7, the company announced that it its subsidiary company Sirius XM Radio Inc planned to offer senior notes worth as much as $1.5 billion that are going to be due in 2028.

It was announced that the proceeds from these senior notes are going to be used for the redemption of the 3.875% senior notes that are going to become due in 2022. In addition to that, the company is also looking to pay off the borrowings that were made from the senior secured credit facility. It goes without saying that it was a major announcement from the company and it is now going to be interesting to see if the stock eventually breaks out or not.