Satellite Radio: FCC OKs Merger; Sirius Q2 Revs in Line; XM in $550 Million Note Deal; Sirius Sets Stock Offer

As you know by now, the FCC on Friday at long last approved the pending merger of XM Satellite Radio (XMSR) and Sirius Satellite Radio (SIRI). That should clear the way for the completion of the merger.

There were some other steps related to closing the merger unveiled this morning. XM announced an offering of $550 million of exchangeable senior subordinated notes due 2014; the notes will be exchangeable for Sirius shares. The offering is one in a series of transactions to refinance some XM debt in connection with the pending merger.

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