Joe F.

Sirius XM 2009 Debt Is a Non Issue for Investors

Burtbeck, read the covenants. The interest payments made during that time get subtracted from the convert price and only the difference is made up in cash.

And don't forget because they only issue the difference in cash those converted shares are then used to cover what the finaciers borrowed and shorted in the arb play. So it also actually adds buying pressure for a time.