Sirius Satellite Radio (SIRI) To Purchase Additional Satellite From Space Systems/Loral (LORL) For $169 Million
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In Today's 8-K Filing From Sirius Satellite Radio (Nasdaq: SIRI): We have exercised an option under our existing satellite purchase agreement with Space Systems/Loral, Inc. (Nasdaq: LORL) to purchase an additional satellite. Space Systems/Loral will design and construct the satellite, which is expected to be one of the most advanced and powerful satellites ever built.
Construction of this satellite is expected to be completed in 2010. The satellite is expected to be launched into an inclined elliptical orbit to complement our existing satellites, which were also manufactured by Space Systems/Loral. Our unique hybrid constellation, consisting of satellites operating in a highly inclined geosynchronous orbits in combination with one satellite operating in a geostationary orbit, will provide unparalleled redundancy, enhanced coverage and exceptional performance.
The aggregate cost of designing and building this satellite will be approximately $169 million. A substantial portion of this purchase price will not be paid until 2009 and following the launch and successful completion of on-orbit testing of this satellite.
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