SIRIUS ANNOUNCES PROPOSED OFFERING OF COMMON STOCK
Pricing subject to market conditions
NEW YORK — June 4, 2003 — SIRIUS (NASDAQ: SIRI), the premier satellite radio broadcaster and only service delivering uncompromised Coast-to-coast music and entertainment for your car and home, today announced its intention to issue, subject to market conditions, 75 million shares of common stock. Terms and pricing are to be determined by the company, and are subject to market conditions.
It is expected that the offering will be underwritten by Morgan Stanley & Co. Incorporated, as book running manager, and UBS Warburg LLC.
The common stock issued will be covered by the company's universal shelf registration statement. 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 common stock 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. Offers to sell shares of the company’s common stock will be made only by means of a prospectus. Copies of the preliminary prospectus supplement and prospectus are available from Morgan Stanley, 1585 Broadway, New York, New York 10036.
SIRIUS is the only satellite radio service bringing listeners more than 100 streams of the best music and entertainment Coast-to-coast. SIRIUS offers 60 music streams with no commercials, along with over 40 world-class sports, news, and entertainment streams for a monthly subscription fee of only $12.95, with greater savings for upfront payments of multiple months or a year or more. Stream Jockeys create and deliver uncompromised music in virtually every genre to our listeners 24-hours a day. Satellite radio products bringing SIRIUS to listeners in the car, truck, home, RV and boat are manufactured by Kenwood, Panasonic, Clarion, and Audiovox, and are available at major retailers including Circuit City, Best Buy, Car Toys, Good Guys, Tweeter, Ultimate Electronics, Sears, and Crutchfield. SIRIUS is the leading OEM satellite radio provider, with exclusive partnerships with DaimlerChrysler, Ford, and BMW. Automotive brands currently offering SIRIUS radios in select new car models include BMW, MINI, Chrysler, Dodge, Jeep®, Nissan, Infiniti, and Mazda. Automotive brands that have announced plans to offer SIRIUS in select models include Ford, Lincoln, Mercury, Mercedes-Benz, Jaguar, Volvo, Audi, Volkswagen, Land Rover, and Aston Martin.
Click on 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, 2002 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.