SIRIUS Files Resale Registration Statement For Previously Issued 2 1/2% Convertible Notes
Notes Sold to Qualified Institutional Buyers Earlier this Year in Offerings Exempt from Registration
SIRIUS Files Resale Registration Statement For Previously Issued 2½% Convertible NotesNEW YORK – May 20, 2004 – SIRIUS, the premium satellite radio provider (NASDAQ: SIRI), known for delivering the very best in commercial-free music and sports programming to cars and homes across the country, today announced that it filed a resale registration statement on form S-3 with the Securities and Exchange Commission covering $300 million of its 2½% Convertible Notes due 2009 and the common stock underlying the notes.
The notes were sold by SIRIUS earlier this year to qualified institutional buyers in transactions exempt from registration under the Securities Act. SIRIUS will not receive any of the net proceeds from the resale of the notes or the underlying common stock. SIRIUS agreed to file the registration statement earlier this year as part of the initial offering of the notes.
The notes are convertible into SIRIUS’ common stock at the option of the holder at a conversion rate of 226.7574 shares per $1,000 principal amount, or $4.41 per share. The notes may not be redeemed at the option of SIRIUS prior to maturity.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
SIRIUS provides listeners with over 110 channels of the best commercial-free music, sports, information and entertainment, with digital quality sound coast-to-coast, broadcast daily from New York City, Los Angeles, Nashville, New Orleans, Houston and Daytona. SIRIUS offers over 60, 100% commercial-free, music channels featuring multiple categories of Pop, Rock, Country, Hip-Hop, R&B, Dance, Jazz, Classical and Latin music, along with more than 50 channels of world-class sports, news, talk entertainment, traffic and weather for a monthly subscription fee of only $12.95, with greater savings for upfront payments of multiple months or a year or more. SIRIUS also broadcasts live play-by-play games of the NHL, NBA and NFL, and is the official satellite radio partner of the NFL.
SIRIUS Satellite Radio products for the car, truck, home, RV and boat are manufactured by Alpine, Audiovox, Blaupunkt, Clarion, Eclipse, Jensen, JVC, Kenwood and U.S. Electronics, and can be purchased at major retailers including Best Buy, Car Toys, Circuit City, Good Guys, Sears, Tweeter and Ultimate Electronics, along with Wal-Mart, RadioShack and DISH Network outlets in mid-2004.
SIRIUS’ exclusive automotive partners DaimlerChrysler, Ford and BMW represent over 40% of new cars and light trucks sold annually in the United States. Automotive brands currently offering SIRIUS radios in select new car models include BMW, MINI, Chrysler, Dodge, Jeepâ, Nissan, Infiniti, Mazda, Audi, Ford, Lincoln-Mercury, Mercedes-Benz and Volkswagen. Automotive brands that have announced plans to offer SIRIUS radios in select models include Jaguar, Volvo, Land Rover and Aston Martin. In 2004, SIRIUS radios are expected to be available in over 80 different car models, with more than 50 of them factory programs. Also, Hertz currently offers SIRIUS in 29 vehicle models at 53 major locations around the country. In addition, the Penske companies – Penske Auto Group, United Auto Group and Penske Trucking – are offering SIRIUS radios as a factory installed option, where available, in their cars and trucks through their dealerships.
Genmar Holdings, the world’s largest manufacturer of recreational boats, Formula Boats and Winnebago, the leading supplier of recreational vehicles and motor homes, also offer SIRIUS.
Click on www.sirius.com to listen to SIRIUS live, or to find a SIRIUS retailer or car dealer in your area.
Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance with respect to SIRIUS Satellite Radio Inc. are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2003 filed with the Securities and Exchange Commission. Among the key factors that have a direct bearing on our results of operations are: our dependence upon third parties to manufacture, distribute, market and sell SIRIUS radios and components for those radios; the unproven market for our service; our competitive position and any events which affect the useful life of our satellites.