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The Credit Crisis, Economy & Government Intervention: A Perfect Storm for Sirius
The timing of the credit crisis could not have been worse for Sirius. The company entered 2009 with more than $3 billion in
debt, with one third of that amount coming due in 2009. What crippled the stock was Sirius’ complete inability to refinance its
debt.Fortunately for shareholders, SIRI was indeed able to replace a portion of its debt with new loans from Liberty Media. The bad
news is that such money comes at a very expensive price.Last week, S&P moved SIRI’s rating a notch higher, providing investors with another ray of hope. If indeed the company can
survive this crisis, the future looks promising. Given the changes taking place, I have a new valuation on SIRI.Here are my five reasons for owning Sirius…
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