Sirius Satellite Radio sets IPO

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Satellite-radio company Sirius Satellite Radio plans to sell 10 million shares of common stock in a public offering totaling $210 million, a price of $21 per share, to fund operating and general expenses. The offering, expected to close March 1, is being underwritten by Lehman Brothers, which has the option to purchase an additional 1.5 million shares. Sirius will broadcast 100 digital-quality channels to satellite radios from its three orbiting satellites for a monthly fee of $9.95. Its broad consumer launch, set for this spring, will be backed by a $100 million ad campaign from Goodby, Silverstein & Partners, San Francisco.

Copyright February 2001, Crain Communications Inc.

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