Sirius Satellite Radio has extended the exercise date of the option it granted to Morgan Stanley & Co. Incorporated to purchase up to $50 million in principal amount of its 21/2% Convertible Notes due 2009. The option, which was granted to Morgan Stanley as the initial purchaser, in connection with the company's offering of $250 million of 21/2% Convertible Notes due 2009 last month, will now expire on April 13, 2004.
Each $1,000 in principal amount of the notes will be convertible, at the option of the holder, into 226.7574 shares of Sirius' common stock, an effective price of $4.41 per share. The satcaster plans to use the net proceeds for general corporate purposes.