New Issue: Sirius upsized $250 million convertible yields 2.5%, up 41%

Nashville, Feb. 13 - Sirius Satellite Radio Inc. sold an upsized $250 million of five-year non-callable convertible notes at par to yield 2.5% with a 41% initial conversion premium via sole bookrunner Morgan Stanley & Co.

The Rule 144A deal, upsized from $200 million, priced at the cheap end of yield talk for a 2.0% to 2.5% coupon and at the cheaper end of premium guidance of 40% to 50%.

The New York-based satellite broadcaster said proceeds would be used for general corporate purposes.

Terms of the deal are:

Issuer:	Sirius Satellite Radio Inc.
Issue:	Convertible notes
Bookrunner:	Morgan Stanley & Co.
Amount:	$250 million, upped from $200 million
Greenshoe:	$50 million, upped from $40 million
Maturity:	Feb. 15, 2009
Coupon:	2.5%
Price:	Par
Yield:	2.5%
Conversion premium:	41%
Conversion price:	$4.3851
Conversion ratio:	228.045
Call:	Non-callable
Price talk:	2.0-2.5%, up 40-50%
Pricing date:	Feb. 13, before the open
Settlement date:	Feb. 19
Distribution:	Rule 144A

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