Sirius Secures $250 Million Loan

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Sirius Satellite Radio announced today it completed a $250m senior secured term loan maturing December 2012. The interest rate was set at 225 basis points over LIBOR, or 7.625%. Proceeds will be used for general corporate purposes, according to the company. Morgan Stanley arranged the transaction

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On February 19, Sirius and rival XM Satellite Radio agreed to a merger of their business operations, subject to stockholder and regulatory approvals. Sirius expects the merger to close by the end of 2007.

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