The satellite radio operator originally was to offer $350 million in senior secured debt notes, a move to cover debt which was coming due this year and for which they didn’t have the cash-on-hand. The actual offering was far above the original $350 million, due to what Sirius XM calls, “increased demand.” Sirius XM reports they plan on using the new debt offering to “repay all amounts outstanding under its amended and restated credit agreement; replace a $150 million second-lien credit agreement with Liberty Media Corporation, and to refinance or repay other debt of XM and XM Holdings.” Money left over will be used for general corporate purposes. The new debt offering is expected to have an interest rate of 11.25%, and yield 12.875%. Shares of Sirius XM (SIRI) were up 18% in midday trading on Wall Street. Check out their latest stock quote here.