XM Radio 2012 Annual Report Download - page 126

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SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
and conversion Liberty Media beneficially owned as of January 17, 2013, directly and indirectly, an aggregate of
3,292,800,311 shares of our common stock, representing approximately 50.21% of all the outstanding shares of
our common stock.
As a result of the foregoing, a Fundamental Change occurred on January 17, 2013 under the indenture
governing the Exchangeable Notes. In accordance with the indenture, on February 1, 2013, we made an offer to
each holder of Exchangeable Notes to: (i) have the Company repurchase his or her Exchangeable Notes at a
purchase price in cash equal to $1,000 per $1,000 principal amount of the Notes (plus accrued and unpaid interest
to, but excluding March 1, 2013); or (ii) exchange his or her Exchangeable Notes for our common stock, at an
exchange rate of 581.3112 shares per $1,000 principal amount of Notes, on or prior to March 1, 2013. This
exchange rate is a benefit to the holders compared to an exchange rate of 543.1372 shares of common stock in
effect prior to occurrence of such Fundamental Change. A holder of the Exchangeable Notes may also elect to
retain his or her Notes pursuant to their terms through maturity on December 1, 2014, or otherwise transfer or
exchange them in the ordinary course.
F-40