Sirius XM Radio repays loan made by Liberty Media in February 2009

By Angela McDaniels

Tacoma, Wash., Nov. 9 - Sirius XM Radio Inc. repaid its senior secured loan from Liberty Media Corp. during the third quarter, according to Liberty Media's 10-Q report for the quarter filed with the Securities and Exchange Commission on Monday.

The company used the proceeds from a bond offering to repay the loan.

Liberty Media loaned $250 million to Sirius XM in February 2009 and made a commitment to loan an additional $30 million

Also in the third quarter, Liberty Media purchased $84 million principal amount of Sirius XM bonds for $74 million and sold $13 million principal amount of Sirius XM bonds for $13.4 million.

As of Sept. 30, Liberty Media had invested $611 million of cash and had received scheduled debt repayments, cash from the Sirius XM refinancings and bond sales proceeds totaling $425 million, resulting in a net cash investment of $186 million.

This investment has resulted in Liberty owning $279 million principal amount of Sirius XM public bonds as well as Sirius XM preferred stock that is convertible into 40% the company's fully diluted equity.

Sirius XM is a New York-based satellite radio company.

Liberty Media is an Englewood, Colo., entertainment company.

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