Sirius XM Holdings Inc (NASDAQ:SIRI) shares were trading higher by 5.98% at $7 Tuesday afternoon on above-average volume. SiriusXM announced Monday that its subsidiary Sirius XM Radio Inc., priced $2 billion in 4% senior notes due 2028.

SiriusXM Holdings is now composed of two businesses: SiriusXM and Pandora.

SiriusXM transmits music, talk shows, sports, and news via its two satellite radio networks, primarily to consumers in vehicles who pay a subscription fee. The firm's radios come preinstalled on a wide range of light vehicles in the U.S. and Canada.

SiriusXM Holdings acquired Pandora Media in February 2019 via an all-stock transaction. Pandora is a streaming music platform that offers an ad-supported radio option and a paid on-demand service.