Sirius XM Radio buys back almost $59 million 10% PIK notes due 2011

By Devika Patel

Knoxville, Tenn., Nov. 5 - Sirius XM Radio Inc. repurchased nearly $59 million of XM Holdings' 10% senior PIK secured notes due 2011 in the third quarter, according to a company earnings report.

"These debt repurchases demonstrate management's commitment to optimize the company's capital structure on an opportunistic basis," executive vice president and chief financial officer David Frear said in a press release.

The company also said it repaid $250 million of 15% term loans that would have matured in 2011 and 2012.

Sirius XM Radio is a satellite radio provider based in New York.

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