$158 Million Financing For Sirius

$158 Million Financing For Sirius
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$158 Million Financing For Sirius

Sirius Satellite Radio priced a public offering of common stock resulting in gross proceeds of approximately $158 million. The transaction was being underwritten by Lehman Brothers. Sirius intended to sell 16 million shares of its common stock at a public offering price of $9.85 per share, and granted the underwriter an over-allotment option to purchase an additional 2.4 million shares of common stock.
Sirius President and Chief Executive Officer Joseph Clayton said the transaction funds the company "well into" the second quarter of 2003.
The offering was expected to close by Jan. 8.
Sirius planned to unveil marketing programs and launch strategy at the Consumer Electronics Show in Las Vegas next week. RadioWorld will have this and other CES coverage in the Feb. 13 issue.