Sirius swaps more debt


Hot on the heels of last week’s shareholders’ vote that approved creation of billions more shares, Sirius XM has swapped more of its stock to retire debt. The latest deal exchanged 108,100,000 shares of stock for $15.64 million face value of the company’s 2.5% convertible notes coming due in February. Including all previous swaps, the original issue of $300 million in debt has now been reduced to $193,588,000.