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Thread: Sirius Xm Bonds

  1. #1
    Keysmark is offline
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    Sirius Xm Bonds

    There was a post some time ago that listed all of Sirius XM Bonds with their trading symbols.

    I have searched and searched for that post/thread, but cannot find it.

    If someone could post that again, I would sure appreciate it.

    Thanks

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  3. #3
    Keysmark is offline
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    JMM - Thanks

    Jmm,

    Thanks for that info.

    Keysmark

  4. #4
    homer985 is offline
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    Okay, I don't normally share this much info via DD... but I'm feeling generous today. Bookmark this post as it is the only time that I'm going to post it...

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    SIRIUS DEBT

    2 1/2% Convertible Notes due 2/15/2009 ($187 million outstanding)
    SIRI.GD / CUSIP: 82966UAC7
    http://cxa.marketwatch.com/finra/Bon...D=ODI5NjZVQUM3

    8 3/4% Convertible Subordinated Notes due 9/29/2009 ($1.74 million outstanding)
    SIRI.GA / CUSIP: 125127AJ9
    http://cxa.marketwatch.com/finra/Bon...D=MTI1MTI3QUo5

    3 1/4% Convertible Notes due 10/15/2011 ($230 million outstanding)
    SIRI.GE / CUSIP: 82966UAD5
    http://cxa.marketwatch.com/finra/Bon...D=ODI5NjZVQUQ1

    Senior Secured Term Loan due 12/20/2012 ($247.5 million outstanding)
    ...BANK LOAN...

    9 5/8% Senior Notes due 8/1/2013 ($500 million outstanding)
    SIRI.GG / CUSIP: 82966UAK9
    http://cxa.marketwatch.com/finra/Bon...D=ODI5NjZVQUs5


    TOTAL: $1,166.4 million


    ++++++++++++++++++++++++++++++++++++++++++++++++++ ++++



    XM Debt

    Senior Secured Term Loan due 5/5/2009 ($100 million outstanding)
    ...BANK LOAN...

    Senior Secured Revolving Credit Facility due 5/5/2009 ($250 million outstanding)
    ...BANK LOAN...

    10% Convertible Senior Notes due 12/1/2009 ($400 million outstanding)
    XMRD.GI / CUSIP: 983759AC5
    http://cxa.marketwatch.com/finra/Bon...D=OTgzNzU5QUM1

    10% Senior Secured Discount Convertible Notes due 12/31/2009 ($33.2 million outstanding)
    ...PRIVATELY HELD BY HONDA MOTORS OF AMERICA...

    9.75% Senior Notes due 5/1/2014 ($5.26 million outstanding)
    XMRD.GL / CUSIP: 98375YAS5
    http://cxa.marketwatch.com/finra/Bon...D=OTgzNzVZQVM1

    13% Senior Notes due 7/31/2014 ($778.5 million outstanding)
    ...NEWLY ISSUED, not listed yet on FINRA...

    7% Exchangeable Senior Subordinated Notes due 12/1/2014 ($550 million outstanding)
    ...NEW ISSUED, not listed yet on FINRA...


    TOTAL: $2,116.9 million


    ----------------------

  5. #5
    homer985 is offline
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    I suppose that some will point out the debt differences between the two companies -- Sirius has $1.17 billion and XM has $2.12 billion... you need to keep in mind two important factors...

    A) XM was forced to construct and launch two new satellites much earlier than anticipated; these two additional satellites cost XM an additional $600 million (where Sirius did not have this expense).

    B) During the restructuring of 2002/3 -- Sirius erased all of their original debt by swapping it out for equity; XM did not, keeping that original $500 million on the books.

    So for all practical purposes -- the debt loads for the two could be considered about equivolent from a EV standpoint.



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  6. #6
    Sworntwofun is offline
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    Homer985...Thanks for the info....

  7. #7
    jmm232 is offline
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    Thanks Homer. Going forward into 2009, Sirius was in a considerably better position than XM. 188M due in all of 2009 and most of it in Febraury. After that, nothing due for another 2 years!??

    Geez. If we make it out of 2009 with XM still intact, this company is gonna have 2 years before anything is due. Compared to Sirius, XM was really in a dire position.

  8. #8
    Keysmark is offline
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    Homer,

    Thanks

  9. #9
    homer985 is offline
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    Quote Originally Posted by jmm232 View Post
    Thanks Homer. Going forward into 2009, Sirius was in a considerably better position than XM. 188M due in all of 2009 and most of it in Febraury. After that, nothing due for another 2 years!??

    Geez. If we make it out of 2009 with XM still intact, this company is gonna have 2 years before anything is due. Compared to Sirius, XM was really in a dire position.
    Disagree significantly.

    Prior to the merger and prior to Sirius trading significant amounts of more equity for little bits of debt -- XM was in stronger position, IMHO.

    -- Sirius had $300 million due in Feb09 that need to be refinanced or bought back;

    -- XM had $400 million due in Dec09 that need to be refinanced or bought back;

    -- XM had their $350 million in bank loans due in May09 also, but those were bank loans which they had plans to extend the terms of those all along -- so I would not include those.

    The difference between Sirius and XM, was that Sirius' had $300 million due in Feb and XM had $400 million due in Dec -- compounded with the fact that XM had more cash on hand at the time... to me, that gave XM the stronger position in the near-term.


    But none of this matters anymore, as that is ancient history... what does matter now is figuring out what to do with the Dec09 maturing debt.


    --------

  10. #10
    Newman is offline
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    homer:

    What happens if Sirius decides to file bankruptcy for their XM subsidary? How would that affect bond holders and what would that do to the company in your opinion?

  11. Ad Fairy Senior Member
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