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Sirius XM Swaps Shares For Notes
October 21, 2008 at 5:30 AM (PT)
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Swaps Stock For Notes
In an SEC filing, SIRIUS XM RADIO said that it has retired $30.5 million of its $300 million in convertible notes due FEBRUARY, swapping 67 million shares of its stock for the notes.
The swap values the shares at about 45 cents, above MONDAY's closing price of 39 cents/share.
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