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Thread: Sirius Xm Bonds

  1. #11
    Demian is offline
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    Joined: Oct 2008 Posts: 2,320
    Quote Originally Posted by homer985 View Post


    2 1/2% Convertible Notes due 2/15/2009 ($187 million outstanding)
    SIRI.GD / CUSIP: 82966UAC7

    Thanks for all of your contributions to the board....

    I did want to point out that the $187 million figure that you have listed for the outstanding 2/15/09 convertible debt due is incorrect. After the last debt for equity exchange and according to the most recently filed 8-K (Jan. 14th), the current outstanding 2/15/09 convertible note debt is now $174,588,000...

    8-K Current Report Jan 14, 2009

    Item 3.02 Unregistered Sales of Equity Securities.

    We have agreed to issue an aggregate of 100,000,000 shares of our common stock, par value $0.001 per share, in exchange for $13,000,000 principal amount of our 2½% Convertible Notes due 2009 (the “2½% Notes”) beneficially owned by institutional holders. After giving effect to these exchanges, $174,588,000 aggregate principal amount of the 2½% Notes remain outstanding.

    We will not receive any cash proceeds as a result of the exchange of our common stock for the 2½% Notes, which notes will be retired and cancelled. We executed these transactions to reduce our debt and interest cost, increase our equity, and improve our balance sheet. We may engage in additional exchanges in respect of our outstanding indebtedness if and as favorable opportunities arise.

    The issuance of the shares of our common stock will be made pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended, contained in Section 3(a)(9) of such Act.

  2. #12
    homer985 is offline
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    Joined: Mar 2008 Posts: 485
    Demian -- I think I knew that in the back of my mind, but I just copied the $187M figure from the FINRA website... I just wanted it to be consistent with the link that I was posting.

  3. Ad Fairy Senior Member
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