[Satellite Today 03-09-09] Liberty Media has closed its second, and final phase of its $530 million investment in Sirius XM Radio, Sirius XM announced Mar. 6.
    Liberty has committed to loan an additional $150 million to XM Satellite Radio, which has amended and extended its existing $350 million credit facilities, to be used to repay a portion of the outstanding principal amount of 10 percent convertible notes due Dec. 1, 2009.  XM Satellite Radio’s existing term loan and revolving loan have been rolled into a single term loan facility. As previously agreed in February, Liberty has purchased $100 million aggregate principal amount from the lenders.
    Under the existing terms of their agreement, Sirius XM has issued Liberty an aggregate of 12.5 million shares of new preferred stock convertible into 40 percent of the common stock of Sirius XM.
    The funding, first announced on Feb. 17, came just as Sirius XM warned that it was in danger of bankruptcy. The first of the two-phase funding plan included an immediate cash injection of $250 million from Liberty to Sirius. The proceeds of that loan were used to repay $171.6 million of notes due Feb. 17 and for general corporate purposes, including working capital and transaction costs.