Stock for bonds swap by Sirius XM

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Sirius XM reported in an SEC filing that it issued 67,038,070 shares of common stock in exchange for $30,500,000 principal amount of  2.5% Convertible Notes due 2009 owned by institutional holders. “We executed these transactions to reduce our debt and interest cost, increase our equity, and improve our balance sheet. We may engage in additional exchanges in respect of our outstanding indebtedness if and as favorable opportunities arise,” the company said.