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Sirius Slides on Note Sale
Shares in Sirius Satellite Radio (SIRI Quote) slipped 4% Friday after the highflying tech shop sold $250 million of convertible notes.
The New York-based company said it sold the five-year notes, which pay 2.5% interest, to an institutional investor in a private placement. The company said the notes effectively convert to Sirius stock at $4.41 each. Convertible note offerings tend to pressure stock prices because they offer the prospect of shareholder dilution. ...
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