Sirius XM (SIRI) this afternoon said it will redeem all of its outstanding 10% senior PIK secured noted due 2011 at a price of 100% plus accrued interest.
“Our strong cash position, strong first quarter subscriber growth and the improving outlook for the economy have put us in position to retire these notes a year ahead of schedule,� CFO David Frear said in a statement. �The early retirement of these notes will reduce interest expense and increase our free cash flow.�
SIRI in late trading is up a penny at $1.18.
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