Sirius Satellite Radio Plans Stock Sale
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From Bloomberg News
Sirius Satellite Radio Inc. plans to raise about $290 million by selling common stock and convertible notes, the company announced a day after saying it had signed talk show host Howard Stern to a five-year contract.
New York-based Sirius said it would offer 25 million shares of common stock and $200 million in convertible notes for sale. The company will use the cash for general corporate purposes, including programming.
Shares of Sirius rose 13 cents to $4 on Nasdaq.
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