Sirius XM Radio To Buy Back Addl. $2 Bln Of Stock - Quick Facts

(RTTNews) - Sirius XM Radio Inc. (SIRI) announced Thursday that its Board has approved an additional $2 billion common stock repurchase program. The company stated that shares of common stock may be purchased from time to time on the open market and in privately negotiated transactions, including in transactions with Liberty Media and its affiliates.

The company noted that it will fund the repurchases through cash on hand, future cash flow from operations and future borrowings.

The company also announced that it has agreed to repurchase $500 million of common stock from Liberty Media and its affiliates at a price per share determined based on a discount to the volume weighted average price of the common stock during a period following the release of the Company's earnings for the third quarter. The shares are intended to be purchased in three installments in November 2013, January 2014 and April 2014, but the purchases may be accelerated under certain circumstances.

To date, the Company has repurchased 476.55 million shares of common stock for an aggregate purchase price of approximately $1.6 billion. Prior to entering into this repurchase transaction, Liberty Media has not participated in the repurchase program.

Upon consummation of the Liberty Media repurchase transactions, the company noted that it will have repurchased shares of common stock for an aggregate purchase price of approximately $2.1 billion. The purchase of common stock from Liberty Media will complete the Company's existing stock repurchase program and will represent the first transactions under the new repurchase program.