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Sirius Looks to Raise Cash

Sirius Looks to Raise Cash

Sirius Satellite Radio is looking to raise more money; it announced an offering of $250 million in Senior Notes due 2015 to qualified institutional buyers.
The company says it has enough cash on hand to cover its needs through a breakeven point, which it expects in 2007. It intends to use about $63 million of the proceeds from the offering to redeem outstanding debt due in 2007 and 2009. The rest will be used in part for general corporate purposes.