MUMBAI: Sirius XM Radio has agreed to issue 108.1 million shares in exchange for convertible notes due in 2009 to reduce its debt obligations, the company has said in a regulatory filing, reports Reuters.
The filing was made with the US Securities and Exchange Commission on 22 December.
Sirius has about $1 billion in debt due to mature in 2009, with the first portion due in February.
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At a meeting last week, the satellite radio company’s shareholders approved proposals to issue up to 3.5 billion more shares and enact a reverse stock split, in an effort to pay down debt and shore up its battered share price.
