Sirius XM Radio issues shares in exchange for $13 million 2.5% convertibles

By Jennifer Chiou

New York, Jan. 14 - Sirius XM Radio Inc. agreed to issue 100 million of its shares in exchange for $13 million of its 2.5% convertible notes due 2009, according to an 8-K filing with the Securities and Exchange Commission.

The notes were beneficially owned by institutional holders.

The company said that after the exchanges, $174.59 million of notes remains outstanding.

Sirius XM added that it will not receive any cash proceeds as a result of the exchange, stating that the notes will be retired and canceled.

Sirius XM Radio, formerly Sirius Satellite Radio Inc., is a satellite radio provider based in New York.

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