Sirius Satellite Radio said it had drawn on $150 million Lehman B...
Sirius Satellite Radio said it had drawn on $150 million Lehman Bros. credit facility after meeting all of its closing conditions, including testing of service. Analyst William Kidd of C.E. Unterberg, Towbin said announcement would “alleviate many investor concerns…
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given that the delay in drawing on the facility had been caused by minor technical issues.” He said release of money was “proof” of system’s capability. Lehman hadn’t been fully satisfied with operation of system despite confidence of other partners, Kidd said. Among problems, he said in weekly report, was sound delay of 3/4 sec. that occurred occasionally when user passed under overpass. Kidd said Sirius had “passed rigorous” daily testing by Lehman that put it through “everyday scenarios” that included driving in locales with varying topography. Weather variables were added to test with snowy conditions present during some of testing, Kidd said.