Sirius XM Issues Shares In Exchange For Debt
December 24, 2008 at 5:14 AM (PT)
SIRIUS XM RADIO agreed to issue 108.1 million shares in exchange for convertible notes due in 2009 to reduce its debt obligations, the company said in a regulatory filing. REUTERS reports the filing was made with the U.S Securities and Exchange Commission on DECEMBER 22nd.
SIRIUS has about $1 billion in debt due to mature in 2009, with the first portion due in FEBRUARY.
At a meeting last week, the satellite radio company's shareholders approved proposals to issue up to 3.5 billion more shares and enact a reverse stock split, in an effort to pay down debt and shore up its battered share price.