Key Developments: Sirius XM Radio Inc. (SIRI.O)
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9 Feb 2010
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58,160,340
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Latest Key Developments
Sirius XM Radio Inc. Reaffirms FY 2009 EBITDA Guidance
Sirius XM Radio Inc. announced that for fiscal 2009, it expect to meet guidance and report over $400 million in pro forma adjusted operating income, an improvement of over $500 million from the pro forma adjusted operating income for fiscal 2008. According to Reuters Estimates, analysts are expecting the Company to report EBITDA of $415 million for fiscal 2010.
Sirius XM Radio Inc. Reaffirms FY 2009 Earnings Guidance; Reaffirms FY 2010 Guidance-Conference Call
Sirius XM Radio Inc. announced that for fiscal 2009, it expects to have over $400 million of EBITDA. For fiscal 2010, it expects EBITDA growth over 20% and expects revenue growth of mid to high single digits.
Eddy W. Hartenstein To Serve Non-Executive Chairman Of Sirius XM Radio Inc.'s Board Of Directors
Sirius XM Radio Inc. announced that Gary Parsons has resigned as a director and Chairman of the company's Board of Directors. The Company's Board of Directors has appointed Eddy W. Hartenstein, an independent Director, to serve as non-executive Chairman.
Sirius XM Radio Inc. Reaffirms FY 2009 Earnings Guidance; Comments On FY 2010 Guidance
Sirius XM Radio Inc. reaffirmed its fiscal 2009 guidance of over $400 million in pro forma adjusted income from operations. For fiscal 2010, it expects adjusted income from operations to increase approximately 20% and expects revenue growth of mid- to high-single digits. According to Reuters Estimates, analysts are expecting the Company to report EBITDA of $516 million on revenues of $2.641 billion for fiscal 2010.
Sirius XM Radio Inc. Prices Offering Of Senior Secured Notes Due 2015
Sirius XM Radio Inc. announced that it has priced an offering of $257,000,000 of Senior Secured Notes due 2015. The notes, which were offered pursuant to Rule 144A and Regulation S under the Securities Act of 1933, will bear interest at an annual rate of 9.75%. The price to investors will be 97.248% of the principal amount of the notes. The Company will receive gross proceeds of $249,927,360 from the sale of the notes before deducting the initial purchasers' commissions and estimated offering expenses. The Company will use the net proceeds from the offering to repay indebtedness incurred under its Credit Agreement with Liberty Media Corporation.
Sirius XM Radio Inc. Intends To Offer $250 Million Of Senior Secured Notes Due 2015
Sirius XM Radio Inc. announced that it intends to offer $250 million aggregate principal amount of Senior Secured Notes due 2015 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended and outside the United States in compliance with Regulation S under the Securities Act. The Company will use the net proceeds from any such offering to repay certain indebtedness incurred under its Credit Agreement with Liberty Media Corporation.
Sirius XM Radio Inc. Raises FY 2009 Earnings Outlook
Sirius XM Radio Inc. raised its fiscal 2009 outlook and expects to achieve over $400 million in fiscal 2009 adjusted income. This is an increase from the Company's previous guidance of over $350 million in 2009 adjusted income from operations provided on May 7, 2009.
Sirius XM Radio Inc.'s XM Satellite Radio Prices Offering of Senior Secured Notes Due 2013
XM Satellite Radio Inc., a wholly owned indirect subsidiary of Sirius XM Radio Inc., priced an offering of $525,750,000 of Senior Secured Notes due 2013. The offering size was increased from $350,000,000 in response to strong investor demand. The company will receive gross proceeds of $499,951,448 from the sale of the notes before deducting the initial purchaser's commissions and estimated offering expenses. The notes will be guaranteed by XM Satellite Radio Holdings Inc. and certain subsidiaries. XM will use the net proceeds from the offering to repay all amounts outstanding under its amended and restated credit agreement; to replace the $150 million second-lien credit agreement with Liberty Media Corporation
Sirius XM Radio Inc.'s XM Satellite Radio Inc. Sells $525.75 Million Notes-Reuters
Reuters reported that XM Satellite Radio Inc., a unit of Sirius XM Radio Inc. sold $525.75 million of four year senior secured notes in the 144a private placement market. The size of the deal was increased from an originally planned $350 million. JP Morgan was the sole book running manager for the sale.
Sirius XM Radio Inc.'s XM Satellite Radio Inc To Offer $350 Million Of Senior Secured Notes Due 2013
Sirius XM Radio Inc.'s XM Satellite Radio Inc., announced the offering of $350 million in aggregate principal amount of Senior Secured Notes due 2013 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S under the Securities Act. XM will use the net proceeds from the offering to repay all amounts outstanding under its amended and restated credit agreement.
BRIEF-Moody's upgrades Sirius XM's CFR to Caa1, outlook stable
Feb 1 (Reuters) - Sirius XM: Moody's Investors Service upgraded Sirius XM Radio Inc.'s (Sirius XM) Corporate Family Rating (CFR) to Caa1 from Ca, Probability of Default Rating (PDR) to B3 from Caa3, and speculative-grade liquidity rating to SGL-2 from SGL-3. Associated debt ratings were upgraded as detailed below.
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