Sirius XM is again swapping stock for bonds. The satellite radio company says it has agreed to exchange 65,193,000 shares of stock for $19.5 million principal amount of its 2.5% convertible notes due 2009. Combined with another recent swap Sirius XM will have traded a total of 132,231,070 shares of stock for $50 million of those 2.5% notes – and it is open to more swaps.
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