Sirius greenshoe exercised, raising convertibles to $230 million

Pittsburgh, Oct. 13 - Sirius Satellite Radio Inc. said the underwriters of its recent offering of 3¼% convertible notes due 2011 exercised the $30 million over-allotment option in full, raising the size of the deal to $230 million.

The New York-based satellite radio provider originally priced $200 million of the securities after the close on Oct. 7 to yield 3¼% with a 32.8% initial conversion premium.

Morgan Stanley & Co. Inc. was the bookrunner for the Rule 144A deal.

Proceeds will be used for general corporate purposes, including investments in programming, infrastructure and retail and automotive distribution arrangements.

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