Sirius XM Radio's

(SIRI) - Get Sirius XM Holdings, Inc. Report

shareholder meeting in late May,

the company made clear that its massive debt load was a primary concern.

On Monday,

XM Satellite Radio

, a subsidiary of Sirius XM, took a big step towards repaying its debt by announcing the issuance of $350 million in senior, secured notes. The notes will come due in 2013. In a press release, XM said it will use net proceeds to "repay all amounts outstanding under its amended and restated credit agreement."

Sirius and XM Satellite Radio merged back in July 2008, but it's been a rocky road for the entity of late.

Last Month, the

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New York-based company posted a net loss, alongside news that it saw 1.74 million deactivations during the quarter.

With the satellite radio concern on the brink of bankruptcy earlier in the year as a result of its debt,

Liberty Media

stepped up with a $530 million high interest loan in February.

Still, much of the company is riding on the back of the car industry,

and questions about Sirius XM's future persist following the bankruptcy of

General Motors



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