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Date Added: 10/07/2004
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...and THIS is how SIRIUS will pay for HOWARD STERN's CONTRACT

You might be wondering how a company like SIRIUS Satellite Radio is going to pay for such a high-profile show as the Howard Stern Show, which will debut in January 2006, according to yesterday's announcement...Here's how:

From PR Newswire:

SIRIUS Satellite Radio Announces Offering of Common Stock and Convertible Notes

NEW YORK, Oct. 7 -- SIRIUS SIRI, the premium satellite radio provider known for delivering the very best in commercial-free music and sports programming to cars and homes across the country, today announced a public offering of 25 million shares of common stock, and $200 million in principal amount of convertible notes due 2011. Morgan Stanley & Co. Incorporated was the sole underwriter for both offerings.

The offerings are expected to close on Wednesday, October 13th.

SIRIUS intends to use the net proceeds from the sale of the common stock and the convertible notes, totaling approximately $290 million, for general corporate purposes, including investments in programming, infrastructure, and retail and automotive distribution arrangements.

The common stock and convertible notes issued in the offerings will be sold pursuant to the company's shelf registration statement.

As part of the offering of the common stock, the company granted Morgan Stanley an over-allotment option to purchase an additional 3,750,000 shares of common stock. In addition, as part of the offering of the convertible notes, the company granted the underwriter an over-allotment option to purchase up to an additional $30 million principal amount of the convertible notes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of common stock or the convertible notes in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Offers to sell shares of the company's common stock and the convertible notes will be made only by means of a prospectus. Copies of the prospectus supplements and prospectus are available from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036, attention Prospectus Department.