Sirius Satellite Radio Inc. [SIRI] said Lehman Commercial Paper Inc., a subsidiary of Lehman Brothers Inc. has agreed to provide it with a $150 million committed credit facility.

Loans under the credit facility will bear interest at LIBOR (the London Interbank Borrowing Rate, the rate that banks charge each other for loans between banks) plus 5 percent Sirius said. It plans to use the loans to support its operations and marketing initiatives.

Lehman Brothers also will get Sirius warrants allowing the investment banker to buy about 1.5 percent of Sirius. Counting this, most recent credit facility, Sirius said it has raised about $1.45 billion.

Sirius also announced that its first satellite, Sirius 1, has reached its launch site at Baikonur and is awaiting launch between June 28 and July 3 aboard a Proton launcher. Sirius 2 and Sirius 3 are scheduled to be launched in September and October, respectively, also aboard Protons.