The debt swap will have Sirius XM offer for sale $550 million of Senior Notes that will come due in 2015. This new debt won’t be offered for sale to the public, but will be a private-placement “144A” issue, and will replace debt that matures in 2013. Proceeds from the new debt offering will also pay fees and expenses of the new notes. Sirius XM, which was facing bankruptcy last year, was trading at just 16 cents-a-share on March 12, 2009, exactly one year ago. Sirius XM stock (SIRI) breached the $1.00 barrier last month, and opened for trading at $0.90 cents today. You can see today’s stock quote for Sirius XM here.