Sirius XM Radio to sell $550 million in bonds

AP News | 139 days ago

Sirius XM Radio to sell $550 million in bonds to pay off debt due in 2013

Sirius XM Radio Inc. said Friday it plans to sell $550 million in new five-year bonds to pay off older debt.

It plans to use proceeds from the new bond sale to buy back notes that come due in 2013.

The satellite radio operator has started to turn itself around after last year's slump. The company was hurt by the drop in auto sales, where it gains many of its subscribers. But it managed to gain new customers in the fourth quarter and post a small profit.

The company's shares rose a penny to 92 cents in midday trading.