Sirius XM Radio (NSDQ: SIRI) is offering $250 million of debt, in order to pay off money it owes Liberty Media (NSDQ: LINTA), which saved the satellite radio firm from bankruptcy in February by making a big investment in the company. It’s the second time in two months that Sirius XM has made a debt offering. The company’s XM Satellite radio unit offered $350 million in debt in June; that debt sale was subsequently raised to $525 million because of high demand.

Sirius XM continues to lose money, although its quarterly results were better than expected. S&P upgraded Sirius XM’s debt Thursday, according to 24/7 Wall Street, in part because of improvements in its operating performance.

• Sirius Takes Investment From Liberty, Not EchoStar
• Sirius’ XM Division Offers $350 Million In Debt
• Sirius’ XM Debt Sale Attracts Surprisingly Strong Demand; Subs Get Hit With Royalty Rate Hike