Sirius Satellite Radio Raises $321 Million

Sirius Satellite Radio Inc. said it raised about $321 million by selling common stock and convertible notes.

The company said last week that it planned to raise about $290 million in the offerings. Sirius has said it will use the cash for general corporate purposes including programming. Sirius on Oct. 6 signed Howard Stern for a five-year contract beginning in 2006. Stern’s show will cost $100 million a year to produce and distribute, the company said.

Shares of Sirius rose 1 cent to $3.76 on Nasdaq.