In a move demonstrating a strong desire to retire the 3.25% notes due 2011, Sirius XM Satellite Radio has increased their offer to $1010.00 per $1,000 from the previously offered premium of $1007.50. When the company made the initial announcement on March 24, 2011, they would have a savings of just under $1 million. The new offer will still offer the company savings, but it will trim those savings down slightly but the transaction is still worth while if they can get the holders to sell.

The company is offering a slight premium over what the holders of the notes would get. The notes are due October 15, 2011. Sirius XM has made great strides with their debt over the past couple of years, and this move, while small in comparison to others they have done, helps clean up the books for the company.

Position - Long Sirius XM Radio