Sirius Raises $50 Million In Convertible Note Sale

Sirius Satellite Radio [SIRI] said the company raised $50 million from the sale of 2.5-percent convertible notes to Morgan Stanley & Co. Each $1,000 note will be convertible, at the option of the holder, into 226.7574 shares of Sirius common stock, at an effective price of $4.41 per share. Sirius said the proceeds of the sale would go toward general corporate purposes.