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Article: SIRIUS XM Radio and Liberty Media Reach Agreement for Investment.
- Article from:
- Science Letter
- Article date:
- March 3, 2009
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SIRIUS XM Radio Inc. (NASDAQ:SIRI) and Liberty Media Corporation (NASDAQ:LINTA)(NASDAQ:LINTB)(NASDAQ: LCAPA)(NASDAQ:LCAPB)(NASDAQ:LMDIA)(NASDAQ:LMDIB) announced that they have entered into agreements pursuant to which Liberty will invest an aggregate of $530 million in the form of loans to SIRIUS XM and its subsidiaries and receive an equity interest in SIRIUS XM (see also Sirius Xm Radio; Liberty Media Corporation).
Under the terms of the agreements, the investments will be funded in two separate phases.
-- The first phase includes a $280 million senior secured loan from
Liberty to SIRIUS XM, $250 million of which will be funded today. The
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