Sirius XM Holdings Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Redeemable Convertible Preferred Stock

Redeemable Convertible Preferred Stock

3 Months Ended

Mar. 31, 2018

Temporary Equity Disclosure [Abstract]

In June 2017, we entered into an agreement with Sirius XM Radio, Inc. ("Sirius XM") to sell 480,000 shares of Series A for $1,000 per share, with gross proceeds of $480.0 million. The Series A shares were issued in two rounds: an initial closing of 172,500 shares for $172.5 million that occurred on June 9, 2017 upon signing the agreement with Sirius XM, and an additional closing of 307,500 shares for $307.5 million that occurred on September 22, 2017. Total proceeds from the initial and additional closing, net of preferred stock issuance costs of $29.3 million, were $450.7 million.

The voting rights, conversion feature, redemption feature, fundamental changes and recognition of the Series A is further described in Note 10 "Redeemable Convertible Preferred Stock" in our Annual Report on Form 10-K for the year ended December 31, 2017.

As of December 31, 2017 and March 31, 2018, redeemable convertible preferred stock consisted of the following:



	As of December 31,			As of March 31,
	2017			2018
	(in thousands)			(in thousands)
Series A redeemable convertible preferred stock	$	480,000		$	480,000
Issuance costs	(29,318		)	(29,318		)
Accretion of issuance costs	29,318			29,318
Stock dividend payable to preferred stockholders	10,849			18,211
Redeemable convertible preferred stock	$	490,849		$	498,211