Sirius XM Radio Saved As $172M Debt Deadline Approaches

siriusSirius XP Radio was close to filing for Chapter 11 bankruptcy as a $172 million debt deadline was approaching. Today, Liberty Media struck a $430 million with Sirius. Under the deal, Sirius XM will receive $280 million, $250 million of which today, at 15% with a December 2012 maturity. In the second and final phase of the plan, Sirius will receive $150 million, in exchange for 12.5 million preferred convertible 40% common stock shares. Liberty Media has also agreed to purchase up to $100 million of existing Sirius outstanding debt. Liberty Media will get two seats on the Sirius board part of the deal. The newly raised capital will be used to pay the current $172 million debt and to support continuing operations.


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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to hercules@business2press.com
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