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What The New GM Deal Means To Sirius XM (Nasdaq: SIRI)

Sat, 09 May 2009 16:43:45 GMT

It did not get a lot of fanfare in analyst reports, nor did it seem to be a huge topic of discussion, but the new GM deal means a lot to Sirius XM Radio. To fully grasp this, we need to go back in time to when the GM deal was first struck. When XM Satellite Radio reached a deal with General Motors, it was a big win for satellite radio in terms of “getting onto the map”. It was the GM deal that paved the way for other OEM’s to follow suit. In many ways, the success of satellite radio happened because of that deal. That being said, it turned out to be a quite expensive deal for XM satellite radio, and now the merged Sirius XM. At that time, XM Satellite Radio was not 100% commercial free music. The price of a subscription[More...]

Sirius XM In Trouble Again

Thu, 05 Mar 2009 22:19:22 GMT

It is with great distress that I put pen to paper, or in this case fingers to keyboard. Sometimes people believe that SiriusBuzz is SiriusPump. Nothing could be further from the truth and the buzz right now, is chapter 11. In a filing with the SEC, Sirius XM states: In the event such uncertainties remain unresolved, management anticipates that KPMG LLP’s auditors’ report relative to the Company’s 2008 consolidated financial statements will contain an explanatory paragraph indicating substantial doubt about the Company’s ability to continue as a going concern. … the inclusion of such a paragraph by KPMG LLP would result in a default under certain indebtedness of the Company, XM Holdings and XM Satellite Radio Inc. (“XM Inc.”) which defaults, if not cured or waived prior to the expiration of the applicable grace period, would result in an event[More...]

Dish Network Facing Troubled Times

Tue, 03 Mar 2009 18:01:56 GMT

Dish Network Corporation (Nasdaq: DISH), a provider of television service to approximately 13.678 million satellite TV customers across the US, lost its battle to gain control in Sirius XM Radio[More...]

Sirius XM Working On Debt - Not Out Of The Woods

Fri, 13 Feb 2009 17:06:00 GMT

It is not the February debt that made the news today, but rather some of the XM debt from December of this year. SIRIUS XM Radio announced that XM Satellite Radio Holdings Inc., its wholly-owned subsidiary, had exchanged approximately $172.5 million aggregate principal amount of its outstanding 10% Convertible Senior Notes due December 2009 for a like principal amount of its newly issued Senior Secured Notes due 2011. An aggregate of $400 million in principal amount of the 10% Convertible Senior Notes due December 2009 was outstanding prior to this transaction. In simple terms: 1. There was $400 million in debt that was due in December of this year. 2. The company exchanged $172.5 million of the debt thereby extending the due date until 2011. 3. The new notes also went from senior convertible to senior secured (gives the holder more security). 4. $227.5 million worth of the[More...]

Sirius SIRI Why You Should Never Buy Because it is Cheap

Fri, 30 Jan 2009 18:24:00 GMT

I remember hearing all about how wonderful the Sirius/XM Satellite Radio merger was and how you should be buying stock and especially that you should buy because price was around $2.00 or $3.00 and if price moved just a little bit to $4.00 or $6.00 that you would double your money, not to mention if it got up to $10.00 or $20.00 over time. However, that never happened - in fact, the opposite happened, which underscores a major point in trading. DO NOT buy a stock only because it is cheap. It might be ok to buy a cheap stock, but price should not be your #1 motivating (or heaven forbid ONLY) factor. Let’s see this play out in SIRI. [More...]

Price Increase Will Bolster Sirius XM’s Bottom Line

Thu, 22 Jan 2009 16:30:00 GMT

While consumers may not appreciate a price increase for any product, investors most certainly understand the dynamics of what such an increase will mean to the bottom line of a company. For Sirius XM, the impact of their recently announced price increases will help the bottom line as well as cash flow. The company will be rolling out a $2 per month price increase on their “Family Plan”. In general, the “Family Plan” are additional receivers activated on an account. Previous to now, the cost for additional receivers was $6.99 per month each. Typically, satellite radio has seen about 20% of their self paying subscriber base in the category of the Family Plan. Thus, with 20,000,000[More...]

Moody’s Downgrades Sirius XM’s Ratings

Wed, 24 Dec 2008 03:43:00 GMT

Citing a negative outlook for approximately $2.2 billion million of rated debt instruments, Moody’s Investors Service downgraded Sirius Satellite Radio Inc.’s probability of default rating (PDR) and corporate family rating (CFR) to Ca from Caa1. Ratings and loss given default assessments of debt instruments issued by Sirius and its wholly-owned subsidiaries, XM Satellite Radio Holdings Inc. and XM Satellite Radio Inc. were adjusted accordingly. The rating outlook is negative. “The company’s speculative grade liquidity rating (SGL) remains positioned at SGL-4 (indicating poor liquidity). With nearly $1.0 billion of its $3.3 billion total debt coming due in the New Year ($190 million in February, $350 million in May and $433 million in December), and given the current background of capital market dislocation and the company’s poor liquidity situation, the rating actions anticipate that Sirius will be unable to repay or[More...]

Platinum Grove Asset Management LP Myron Sholes

Mon, 10 Nov 2008 15:34:00 GMT

Platinum Grove AM Platinum Grove Asset Management LP | Notes The following piece on Platinum Grove Asset Management, LP and Myron Sholes (pictured left) is being published as part of our Hedge Fund Tracker Tool, our daily effort to track hedge funds in the industry. [More...]

Sirius XM: What’s Going On With The Stock?

Mon, 18 Aug 2008 13:44:00 GMT

Probably the most common and frequent question I receive regarding Sirius XM is; “What’s going on with the stock?” It certainly occurs regularly on our weekly SiriusBuzz Radio show. I thought I’d take this opportunity to answer that question.[More...]

SIRIUS XM Double Up On Sports To Sack More Revenue

Tue, 12 Aug 2008 16:17:00 GMT

You love baseball, but your car came with Sirius. You love football, but have always been an XM subscriber. These are problems of the past as Sirius and XM have now merged to form Sirius XM Radio. When people think of merger synergies, they tend to think of cost savings that are derived from items such as the elimination of duplicate functions, savings on advertising, or savings in customer service and billing. Some synergies have potential to add revenue, and for investors, the fact that these types of added revenues seem to be getting overlooked could be a positive on the equity.We covered one obvious revenue stream in Howard Stern, who as the King of All Media, suddenly finds himself with an expanded audience by the [More...]

Movers: Amazon.Com, Ford, 3M, Qualcomm, Ryland Group

Fri, 25 Jul 2008 14:47:00 GMT

Amazon.com (AMZN) posts $0.37, vs. $0.19 a year ago, second quarter EPS on 41% sales rise.
Ford Motor (F) posts $3.88 second quarter loss per share, vs. $0.31 EPS a year ago, on 6.1% revenue drop, pre-tax special charges of $8 billion, including impairments of $5.3 billion for Ford North America long-lived assets, $2.1 billion for Ford Motor Credit's operating lease portfolio.
Daimler AG (DAI) posts 1.40, vs. 1.74, second quarter EPS as the company's interest in Chrysler offset 6.5% revenue rise.

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XM Satellite Radio Prices Offering of Exchangeable Senior Subordinated Notes

Tue, 29 Jul 2008 11:26:00 GMT

XM Satellite Radio Holdings Inc. announced today that XM Satellite Radio Inc. , its wholly-owned subsidiary, priced an offering of $550 million aggregate principal amount of exchangeable senior subordinated notes due 2014 . The Notes, which were offered pursuant to Rule 144A under the Securities Act of 1933 , will bear interest at an annual rate of 7.00%. The Notes will be exchangeable into shares of SIRIUS Satellite Radio Inc. common stock at an initial exchange rate of approximately 533.3333 shares of SIRIUS common stock per $1,000 principal amount of Notes, which is equivalent to an initial exchange price of $1.875 per share of common stock. The exchange rate and the exchange price will be subject to adjustment in certain events. SIRIUS has filed a registration statement with the Securities and Exchange Commission to register the resale of the SIRIUS common stock delivered upon exchange of the Notes.[More...]

XM Announces Offering of Exchangeable Senior Subordinated Notes

Mon, 28 Jul 2008 10:40:00 GMT

XM Satellite Radio Holdings Inc. announced today that XM Satellite Radio Inc. , its wholly-owned subsidiary, is launching an offering of $550 million aggregate principal amount of exchangeable senior subordinated notes due 2014 . The Notes will be exchangeable into shares of SIRIUS Satellite Radio Inc. common stock. The offering of the Notes is part of a series of transactions to refinance certain debt of XM in connection with the pending merger with SIRIUS. The offering will be conditioned on the closing of the merger which remains subject to the approval from the Federal Communications Commission and satisfaction of other applicable conditions.[More...]

XM Formalizes Previously Announced Amendment of its 1.75% Convertible Senior Notes Due 2009

Fri, 25 Jul 2008 20:14:00 GMT

XM Satellite Radio Holdings Inc. today announced that it has executed the previously disclosed amendment of the indenture for its $400 million aggregate principal amount of 1.75% Convertible Senior Notes due 2009. Pursuant to the amendment and subject to consummation of the proposed merger of XM with a subsidiary of Sirius Satellite Radio Inc., the interest rate on the convertible notes will be increased to 10% per annum, retroactive to July 2, 2008. As previously announced, XM entered into an agreement with holders of the convertible notes to increase the interest rate on the notes and such holders have agreed not to assert any claim that the merger constitutes a "Fundamental Change" under the indenture. In light of the amendment, holders of the convertible notes are no longer required to obtain joinders upon transfer of their notes.[More...]

XM Satellite Radio Prices Offering of New Senior Notes

Thu, 24 Jul 2008 15:25:00 GMT

XM Satellite Radio Holdings Inc. announced today that its subsidiary, XM Satellite Radio Inc., priced an offering of $778.5 million of new senior notes. 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 13%. The price to investors will be 89.93% of the principal amount of the notes for an effective yield of 16%. The company will receive gross proceeds of $700,105,050 from the sale of the notes before deducting the initial purchasers' discounts and commissions and estimated offering expenses. The new notes will be guaranteed by XM Satellite Radio Holdings Inc. and certain subsidiaries.[More...]

XM and SIRIUS Confirm Discussions to Settle FCC Enforcement Matters

Thu, 24 Jul 2008 12:26:00 GMT

XM Satellite Radio Holdings Inc. and SIRIUS Satellite Radio today confirmed that the companies are in discussions with the Enforcement Bureau of the Federal Communications Commission to settle outstanding enforcement matters.[More...]

Oprah & Friends' Jean Chatzky to Devote Two-Hour Special to Helping Consumers in Financial Crisis on XM Radio

Tue, 22 Jul 2008 16:44:00 GMT

Noted financial expert Jean Chatzky will provide personalized financial advice to XM listeners on Wednesday, July 23 with "Recession Busting 101," a special two-hour episode of her popular XM Radio show, it was announced today. Consumers from across the country can call in live to 866-OPRAH-XM from 10 a.m. - 12 noon ET to ask their most pressing financial questions on everything from 401Ks to reverse mortgages to debt reduction strategies, and more.[More...]

XM Satellite Radio Holdings Inc. Announces Second Quarter 2008 Results

Tue, 22 Jul 2008 09:56:00 GMT

XM Satellite Radio Holdings Inc. today announced earnings for the three-month period ended June 30, 2008. Revenue for the second quarter 2008 rose to $318 million, a nearly 15 percent increase over second quarter 2007 revenue of $277 million.[More...]

XM Exceeds 9.6 Million Subscribers

Mon, 21 Jul 2008 10:25:00 GMT

XM Satellite Radio Holdings Inc. today announced preliminary results for the second quarter of 2008. XM added 322,000 new net subscribers in the second quarter of 2008 for a total of 9,653,000 subscribers, a 17 percent increase in subscribers since the end of the second quarter of 2007. Total gross additions for the quarter were 1,081,000, including a record 857,000 OEM gross additions, the fifth consecutive quarter of record OEM gross additions, and 224,000 retail gross additions.[More...]

XM Announces Offering of Senior Notes as Part of Merger Refinancing

Mon, 21 Jul 2008 10:25:00 GMT

XM Satellite Radio Holdings Inc. announced today that it is launching an offering of $400 million aggregate principal amount of new senior notes. The offering is part of a series of transactions to refinance certain debt of XM in connection with the pending merger with SIRIUS Satellite Radio Inc. The offering will be structured in a manner that will permit it to be unwound if the merger is not consummated. The closing of the pending merger remains subject to the approval from the Federal Communications Commission and satisfaction of other applicable conditions.[More...]

XM Satellite Radio Reaches Agreement with Holders of a Majority of Outstanding 9.75% Senior Notes Due 2014

Fri, 18 Jul 2008 13:25:00 GMT

XM Satellite Radio Holdings Inc. , the nation's leading satellite radio company, today announced that it had entered into a written agreement with holders of a majority of XM Satellite Radio Inc.'s outstanding 9.75% Senior Notes due 2014. Pursuant to the agreement, these holders have agreed to waive XM's change of control repurchase obligation of the 9.75% Notes with respect to the consummation of the previously announced merger of XM Satellite Radio and Sirius Satellite Radio Inc. Pursuant to the terms of the indenture governing the 9.75% Notes, the waiver is effective for all holders of the 9.75% Notes.[More...]