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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