It is my opinion that Sirius has more options than just banks and brokerages for borrowing the money. They have the ability to borrow from private investors as well... NOTE: In early 2007, XM did the Sale Leaseback on the Transponders on XM-4 with private investors, which raised $288 million; also in early 2003, XM place $300 million worth of 10% Convertible notes with private investors... those notes did not trade and in fact, $33 million of them are still outstanding -- all held by Honda. The point here is that if they cannot place traditional bonds on the debt market, they can get bank loans -- or a private placement with private investors.
We currently have a Sirius convert of $300 million, that is due February of 2009. We have already had conversations with banks about securing the cash, okay, in order to take out that convert. You shouldn’t be surprised that the holders of the convert have been very anxious to talk to us about, “gee, we’d like to exchange that for another piece of convert”. That is not the interest that the company has. The company has, is that we will raise the debt – the combined with our approximately $450 million of cash that was on our balance sheet, the last time we report it, which was the end of June. So there was $450 million of cash, we are looking to raise bank debt – probably senior secured, because we have basket in which we can do that. Probably a term that will be a couple – three years – short term; and that will take out that issue. When will we do it? We will do it, this time more opportunistically than we did, last time. When would I like to do it? I’d like to do it, sooner rather than later. Because I’d like to get this question mark out of everybody’s mind, “What are you going to do about that Feburary 2009 convert. The market, based on everything I’m told is assuming we may have to raise equity to deal with that. So let me resolve that as fast as I can – and show that I don’t need to do that. And I think that that would look positive.