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Sirius Satellite overnight $200 million convertible talked at 3.25%, up 31.6%-41.6%
By Ronda Fears
Nashville, Oct. 7 - Sirius Satellite Radio Inc. launched an overnighter after the close Thursday, peddling $200 million of seven-year non-callable convertible notes talked to yield 3.25% with a 31.6% to 41.6% initial conversion premium.
Morgan Stanley & Co. Inc. is sole bookrunner of the Rule 144A deal.
Holders will have dividend and takeover protection, but the specifics of those provisions were unknown.
There is a $30 million greenshoe available.
The New York based premium satellite radio provider also was selling 25 million shares of common stock.
Sirius shares closed Thursday up 13 cents, or 3.36%, to $4.00.
Sirius said proceeds, anticipated at $290 million, would be used for general corporate purposes, including investments in programming, infrastructure and retail and automotive distribution arrangements.
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