Sirius Begins Exchange Offer

Sirius is starting its offer to exchange shares for all of its outstanding debt. Holders of approximately 79% in the principal amount of Sirius’ debt securities have already agreed to tender in the offer, the company said. Completion of the exchange offer is conditioned upon receipt of valid tenders from not less than 97% in aggregate principal amount of Sirius’ outstanding debt. The minimum condition may be reduced with the consent of holders of Sirius’ debt securities.
Debt holders will receive 779.5 shares of common stock for each $1,000 of obligation (principal and accrued interest) exchanged. The exchange offer and consent solicitation will expire on Tuesday, March 4, unless extended.