The 2.5% Notes had $300 million outstanding, now its down to $270 million. These Notes previously had a conversion price of $4.41/share -- Sirius exchanged them instead at $0.455/share.

It is more dilution, but at this point - does it really matter?

The verbiage makes it look like Sirius is negotiating with individual holders of these Notes to exchange them at current prices -- rather than having to buy them back when the mature.

They will have some positive FCF this quarter, so they likely wouldn't need to do this for all $300 million, but I wouldn't be surprised to see them do it on an additional $170 million. It all depends on whether or not the holders of these Notes want to exchange them like this holder did.

BAD = Significant increase in dilution
GOOD = Reduction of maturing debt... less pressure to refinance it