Recent

% | $
Quotes you view appear here for quick access.

Sirius XM Holdings Inc. Message Board

  • buysiri buysiri May 21, 2003 5:54 AM Flag

    Siri NEWS

    Reuters
    Sirius prices convertible note offering
    Tuesday May 20, 8:18 pm ET


    PALO ALTO, Calif., May 20 (Reuters) - Sirius Satellite Radio Inc. (NasdaqNM:SIRI - News) on Tuesday priced $175 million in convertible notes meant to cover the company's funding gap and bring it to cash-flow break even.
    Sirius said it priced an offering of convertible notes yielding 3.5 percent and due in 2008. The notes are convertible at $1.38 per share, which is a 22 percent premium over the stock's close of $1.13.

    Net proceeds of about $169 million, before expenses, are expected to close the subscription radio broadcaster's funding gap of about $100 million.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • who_cares_and_whatever2003 who_cares_and_whatever2003 May 21, 2003 6:02 AM Flag

      We saw that last night. Doesn't look like the markets are doing well overseas and HP news doesn't seem to be having any big effect on Nas futures, either. My guess is that this is headed under a buck today if the market continues to dump off and might anyway on it's own. What I don't understand is why they needed to do this convertible so soon after such massive stock dilution. Anyone?

      • 2 Replies to who_cares_and_whatever2003
      • PALO ALTO, Calif., May 20 (Reuters) - Sirius Satellite Radio Inc. (NasdaqNM:SIRI - News) on Tuesday priced $175 million in convertible notes meant to cover the company's funding gap and bring it to cash-flow break even.
        Sirius said it priced an offering of convertible notes yielding 3.5 percent and due in 2008. The notes are convertible at $1.38 per share, which is a 22 percent premium over the stock's close of $1.13.

        Net proceeds of about $169 million, before expenses, are expected to close the subscription radio broadcaster's funding gap of about $100 million.

 
SIRI
3.950.00(0.00%)Jul 29 4:00 PMEDT