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Sirius Raises $321 Million from Common Stock and Convertible Note Offerings |
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NEW YORK, Oct. 14/Satnews Daily/ — Sirius Satellite Radio (NASDAQ:SIRI) said it has raised about $321 million through an offering of 3-1/4% Convertible Notes due 2011 and an offering of 25 million shares of its common stock.
Sirius said the net proceeds total approximately $321 million, which includes the net proceeds received as a result of the exercise by Morgan Stanley & Co. Incorporated, the underwriter, of its option to purchase up to an additional $30 million principal amount of the convertible notes.
The notes are convertible into Sirius’ common stock at the option of the holder at a conversion rate of 188.6792 shares per $1,000 principal amount, or $5.30 per share. The notes may not be redeemed at the option of Sirius prior to maturity.
"The ability for us to raise this capital is a testament to the confidence within the financial community about the success of Sirius as the satellite radio category takes off," said Joseph P. Clayton, CEO of Sirius.
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