Key Developments For Sirius XM Radio Inc.
Sirius XM Radio Inc. (SIRI.O) (Nasdaq)
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.
