Sirius XM issues stock in exchange for $30.5 million of 2.5% convertibles

By Susanna Moon

Chicago, Oct. 20 - Sirius XM Radio Inc. issued 67,038,070 of its common shares in exchange for $30.5 million principal amount of its 2.5% convertible notes due 2009 beneficially owned by institutional holders, according to an 8-K filing with the Securities and Exchange Commission.

The company said it did not receive any cash proceeds as a result of the exchange.

Sirius XM said it completed the exchange offer to reduce its debt and interest cost, increase its equity and improve its balance sheet.

The company said it may engage in additional exchange offers if and as favorable opportunities arise.

Sirius XM, formerly Sirius Satellite Radio Inc., is a satellite radio provider based in New York.

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