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Sirius Readies $1.2 Bil. Recapitalization

3/05/2003 01:00:00 PM Eastern

New York - Satellite radio broadcaster Sirius today announced a successful stock exchange offer, with about 91 percent of debt holders agreeing to convert about $636 million in debt and $519 million in preferred stock to common stock.

Over 90 percent of Sirius stockholders approved the transactions. These approvals open the way for Sirius to close $1.2 billion in recapitalization, clearing the way for the company to 'move forward with a strong balance sheet.'

Also, about 68 percent of Sirius stockholders voted to approve an amendment and restatement of the company's certificate of incorporation to increase the authorized shares of common stock from 500 million to 2.5 billion.

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