Sirius XM Seeks Debt Refinancing
[Satellite Today 11-06-08] Sirius XM said it is in discussions with several financial institutions regarding a financing to replace its 2.5 percent convertible notes due 2009, according to a statement released on Nov. 6.
The company faces $1.1 billion in loan repayments in 2009, which includes $300 million in convertible bonds in February.
Sirius XM lowered its year-end subscriber expectations from 19.5 million to 19.1 million. The company also lowered its 2009 estimate to 20.6 million from its previous figure of 21.5 million.
The company said that current economic conditions and a dramatic and recent slowdown in auto sales have negatively impacted subscriber growth for 2008 and 2009.
Sirius XM said it plans to release third quarter 2008 financial and operating results on Nov. 10.