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Sirius, XM Launch Money Moves
Sirius on Monday announced an offering of common stock, an effort tied to a separate money move involving merger partner XM.
The shares being offered represent Sirius common stock that the company is lending to affiliates of Morgan Stanley and UBS Investment Bank. It was estimated that, based on current market values, about $375 million in Sirius common stock will be sold in a fixed-price public offering, and up to about $65 million in Sirius common stock will be sold from time to time at prevailing market or negotiated prices.
Sirius said the stock offering is being conducted concurrently with a private offering by XM of $550 million aggregate principal amount of Exchangeable Senior Subordinated Notes due 2014. Those notes will be exchangeable into shares of SIRIUS common stock.
Sirius on Monday announced an offering of common stock, an effort tied to a separate money move involving merger partner XM.
The shares being offered represent Sirius common stock that the company is lending to affiliates of Morgan Stanley and UBS Investment Bank. It was estimated that, based on current market values, about $375 million in Sirius common stock will be sold in a fixed-price public offering, and up to about $65 million in Sirius common stock will be sold from time to time at prevailing market or negotiated prices.
Sirius said the stock offering is being conducted concurrently with a private offering by XM of $550 million aggregate principal amount of Exchangeable Senior Subordinated Notes due 2014. Those notes will be exchangeable into shares of SIRIUS common stock.