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  1. Keysmark is offline
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    01-30-2009, 04:39 PM #1

    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


  2. Keysmark is offline
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    01-31-2009, 12:31 PM #3

    JMM - Thanks

    Jmm,

    Thanks for that info.

    Keysmark

  3. homer985 is offline
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    01-31-2009, 03:33 PM #4
    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


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

  4. homer985 is offline
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    01-31-2009, 03:39 PM #5
    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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  5. Sworntwofun is offline
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    01-31-2009, 04:03 PM #6
    Homer985...Thanks for the info....

  6. jmm232 is offline
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    01-31-2009, 04:11 PM #7
    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.

  7. Keysmark is offline
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    01-31-2009, 04:54 PM #8
    Homer,

    Thanks

  8. homer985 is offline
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    01-31-2009, 05:30 PM #9
    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.


    --------

  9. Newman is offline
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    02-02-2009, 02:41 AM #10
    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?

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