Sirius XM (SIRI Quote) said it has completed the second and final phase of an investment by Liberty Media.
In February, Liberty helped save Sirius XM from a potential bankruptcy filing with a $530 million loan infusion giving billionaire John Malone's company a 40% stake in the satellite radio provider. Liberty's rescue of Sirius XM came in two phases, with the first half used to pay off a chunk of Sirius XM's maturing debt.
The second stage of the Liberty investment called for another $150 million loan to XM Satellite Radio to be used to repay a portion of debt due in May, with an agreement to buy $100 million in XM loans outstanding. Under the terms of their agreement, Sirius XM has issued Liberty 12.5 million shares of new preferred stock convertible into 40% of common stock. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,452.68 | 1,109.24 | 2,185.03 | 33.23 |
Oil *
77.73
|
|
DOWN
18.90
|
UP
0.38
|
UP
9.22
|
UP
0.48
|
10 Yr
3.32%
SPDR Gold
119.18
|
|
-0.18%
|
+0.03%
|
+0.42%
|
+1.47%
|
Data delayed 20 minutes |
Connect with TheStreet