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Sirius Reaches New 52-Week High

NEW YORK ( TheStreet) -- Sirius XM (SIRI - Get Report) reached a new 52-week high of $1.47 today after the satellite radio company announced it is retiring a portion of its debt.

Shares are up today after Sirius announced Wednesday that it closed the previously announced offering of $700 million aggregate principal amount of 7.625% senior notes due 2018.

Sirius also said that it accepted for purchase the $489.1 million aggregate principal amount of its outstanding 11.25% senior secured notes due 2013.


Payment for the 11.25% notes purchased were made on Wednesday, October 27.

The company is scheduled to release its third quarter financial results on November 4. It already announced that it added 334,727 net subscribers in the third quarter, compared with a net gain of 102,295 subscribers in the third quarter last year.

Chief Executive Officer Mel Karmazin expects Sirius to end 2010 with approximately 20.1 million subscribers, which would be the highest number of net subscribers in its history.

Sirius shares are currently up more than 3% to $1.45. The stock has been steadily gaining since its low of 56 cents one year ago.

-- Written by Theresa McCabe in Boston.



>To contact the writer of this article, click here: Theresa McCabe.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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