Sirius XM Radio (SIRI) Exchanges $13M In Debt For Equity

Discussion in 'SiriusXM Soundwave Cafe' started by GoodDog, Jan 15, 2009.

  1. GoodDog

    GoodDog Well-Known Member

    http://www.streetinsider.com/Corporate+News/Sirius+XM+Radio+(SIRI)+Exchanges+$13M+In+Debt+For+Equity/4303358.html
    Sirius XM Radio (SIRI) Exchanges $13M In Debt For Equity


    January 14, 2009 6:00 PM EST
    Sirius XM Radio (Nasdaq: SIRI) has agreed to issue an aggregate of 100,000,000 shares of our common stock, par value $0.001 per share, in exchange for $13,000,000 principal amount of our 2½% Convertible Notes due 2009 (the “2½% Notesâ€) beneficially owned by institutional holders. After giving effect to these exchanges, $174,588,000 aggregate principal amount of the 2½% Notes remain outstanding.

    We will not receive any cash proceeds as a result of the exchange of our common stock for the 2½% Notes, which notes will be retired and cancelled. We executed these transactions to reduce our debt and interest cost, increase our equity, and improve our balance sheet. We may engage in additional exchanges in respect of our outstanding indebtedness if and as favorable opportunities arise
     
  2. JoeTan

    JoeTan Well-Known Member

    now that's magic!
     
  3. JoeTan

    JoeTan Well-Known Member

    you could honestly save up and cash in betty crocker UPC codes and coupons with more cash value than their stock.
     

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