Sirius Files $500 Million Shelf Offering

Sirius Satellite Radio [Nasdaq: SIRI] has filed a $500 million shelf registration with the Securities and Exchange Commission, but said it has no immediate plans to issue securities. The company said the registration would give it flexibility to issue debt or equities to fund future acquisitions or stock buybacks. “Our offerings of 3.5 percent convertible notes in May and common stock in June leave Sirius in an excellent position, with the strongest balance sheet in the industry and cash in excess of the projected amount we need to reach the cash flow breakeven point,” said David Frear, Sirius executive vice president and CFO.