==============================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 5) 1/
Sirius Satellite Radio Inc.
-------------------------------------------
(Name of Issuer)
Common Stock, par value $.001 per share
(Title of Class of Securities)
82966U-10-3
---------------
(CUSIP Number)
-----------------------------------------------------------
Apollo Management IV, L.P.
1999 Avenue of the Stars
Suite 1900
Los Angeles, California 90067
(310) 201-4100
-----------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
OCTOBER 17, 2002
----------------------------------------------------------
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [_]
Note. Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
1/The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
==============================================================================
CUSIP No. 82966U-10-3 Page 2 of 6 Pages
==============================================================================
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Apollo Investment Fund IV, L.P.
13-3985622
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY [ ]
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
[ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 7
SOLE VOTING POWER
SHARES 8,255,370
----------------------------------------------------------------
BENEFICIALLY 8
SHARED VOTING POWER
OWNED BY 8,704,700
----------------------------------------------------------------
EACH
9
REPORTING SOLE DISPOSITIVE POWER
8,255,370
PERSON WITH ----------------------------------------------------------------
10
SHARED DISPOSITIVE POWER
8,704,700
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,704,700
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.2%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 6 Pages
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Apollo Overseas IV, L.P.
98-0191324
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY [ ]
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-------------------------------------------------------------------------------
NUMBER OF 7
SOLE VOTING POWER
SHARES 449,330
----------------------------------------------------------------
BENEFICIALLY 8
SHARED VOTING POWER
OWNED BY 8,704,700
----------------------------------------------------------------
EACH 9
SOLE DISPOSITIVE POWER
REPORTING 449,330
----------------------------------------------------------------
PERSON WITH 10
SHARED DISPOSITIVE POWER
8,704,700
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,704,700
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.2%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 6 Pages
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS (ENTITIES ONLY)
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Apollo Advisors IV, L.P.
13-3985622
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY [ ]
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 7
SOLE VOTING POWER
SHARES 0
-----------------------------------------------------------------
BENEFICIALLY 8
SHARED VOTING POWER
OWNED BY 8,704,700
-----------------------------------------------------------------
EACH 9
SOLE DISPOSITIVE POWER
REPORTING 0
-----------------------------------------------------------------
PERSON WITH 10
SHARED DISPOSITIVE POWER
8,704,700
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,704,700
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.2%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
This Amendment No. 5 amends the Schedule 13D originally filed on
November 24, 1998, as amended by Amendment No. 1 filed on January 4, 1999,
Amendment No. 2 filed on October 28, 1999, Amendment No. 3 filed on April 10,
2001, and Amendment No. 4 filed on April 13, 2001 (the "Schedule 13D"), by
Apollo Investment Fund IV, L.P., a Delaware limited partnership ("AIF IV"),
Apollo Overseas Partners IV, L.P., an exempted limited partnership registered
in the Cayman Islands ("Overseas IV"), and Apollo Advisors IV, L.P., a
Delaware limited partnership ("Advisors IV"), and relates to the common
stock, par value $.001 per share, of Sirius Satellite Radio Inc., a Delaware
corporation (the "Company"), or securities convertible thereto. Capitalized
terms used without definition in this Amendment No. 5 shall have the
respective meanings ascribed to them in the Schedule 13D.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is hereby amended by adding the following immediately after
the last paragraph thereof:
On October 17, 2002, AIF IV, Overseas IV, the Company and the other
signatories thereto as identified on Schedule A of the Restructuring Agreement ,
entered into a Lock-Up Agreement (including the term sheet attached thereto as
Annex A, the "Restructuring Agreement") relating to the restructuring of the
Company (the "Restructuring"). In the Restructuring, among other things, (1)
substantially all of the Company's outstanding indebtedness (including any
indebtedness held or acquired by the Reporting Persons or any of their
affiliates) will be exchanged on a pro rata basis for a number of newly issued
shares of Common Stock equal, in the aggregate, to 62% of the number of shares
of Common Stock that are expected to be outstanding at the completion of the
Restructuring and (2) all of the Company's outstanding 9.2% Series A Junior
Cumulative Convertible Preferred Stock, 9.2% Series B Junior Cumulative
Convertible Preferred Stock, and 9.2% Series D Junior Cumulative Convertible
Preferred Stock (together, the "Preferred Stock") will be exchanged for a number
of newly issued shares of Common Stock equal, in the aggregate, to 8% of the
number of shares of Common Stock that are expected to be outstanding at the
completion of the Restructuring, as well as warrants (the "Warrants") to
purchase an additional 9.1% of the shares Common Stock and otherwise having the
terms and at the prices set forth in the Restructuring Agreement. In addition,
certain parties to the Restructuring Agreement agreed to invest an aggregate of
$200 million (the "Investment") in exchange for a number newly-issued shares of
Common Stock equal, in the aggregate, to 22% of the number of shares of Common
Stock that are expected to be outstanding at the completion of the
Restructuring.
As part of these transactions, AIF IV and Overseas IV agreed (i) to
exchange any Company indebtedness represented by Company notes held or acquired
by them for their pro rata interest in the Common Stock as described under
clause (1) of the preceding paragraph, and (ii) to exchange all of the shares of
Preferred Stock held by them for (a) a number of shares equal, in the aggregate
to approximately 4.2% of the number of shares of Common Stock that are expected
to be outstanding at the completion of the Restructuring, and (b) Warrants to
purchase an additional 4.66% of the Common Stock. In addition, as part of the
Investment, Apollo Management, L.P. and/or its affiliates (collectively,
"Apollo") agreed to invest $25 million for approximately 2.5% of Common Stock
expected to be outstanding at the completion of the Restructuring.
Under the Restructuring Agreement, at the completion of the
Restructuring, the Company's board of directors will be comprised of seven
directors, a majority of whom will be nominated by parties to the Restructuring
Agreement. Apollo will have the right to nominate one of the seven directors.
AIF IV and Overseas IV will fund their respective obligations under
the Restructuring Agreement from working capital and/or capital contributions
(in the ordinary course) from their respective partners.
The foregoing is qualified in its entirety by reference to the
Restructuring Agreement and the accompanying term sheet, the full texts of which
are attached as Exhibit 6 hereto.
The Reporting Persons expressly disclaim beneficial ownership of any
shares of Common Stock held by, or to be acquired (whether in the Restructuring
or otherwise), by any other party to the Restructuring Agreement, or any of
their affiliates. The Reporting Persons further disclaim any group status with
any other such persons or parties to the Restructuring by reason of any of the
Reporting Persons being party to the Restructuring Agreement.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 is hereby amended by the incorporation by reference herein of
the matters set forth in Item 3.
The Restructuring is subject to numerous conditions including
shareholder approval. In addition, the transaction could relate to or result in
one or more of the matters set forth in Sections (a) through (j) of Item 4 to
Schedule 13D, including, without limitation, sections (a), (d), (e) and (g).
The Reporting Persons reserve the right to change their investment
intent, to purchase and/or sell equity or debt securities of the Company.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Item 6 is hereby amended by the incorporation by reference herein of
the matters set forth in Item 3.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 6 Restructuring Agreement, dated as of October 17, 2002, by and among
the Company, AIF IV, Overseas IV and certain other parties signatory
thereto.
SIGNATURE
After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify that the information set forth in this statement
is true, complete and correct and agree that this statement is filed on behalf
of each of them.
Dated: 10/25/02
APOLLO INVESTMENT FUND IV, L.P.
By: Apollo Advisors IV, L.P., its General
Partner
By: Apollo Capital Management IV, Inc.,
its General Partner
By: /s/ Michael D. Weiner
----------------------------------------
Name: Michael D. Weiner
Title: Vice President, Apollo Capital
Management IV, Inc.
APOLLO OVERSEAS PARTNERS IV, L.P.
By: Apollo Advisors IV, L.P., its Managing
General Partner
By: Apollo Capital Management IV, Inc.,
its General Partner
By: /s/ Michael D. Weiner
----------------------------------------
Name: Michael D. Weiner
Title: Vice President, Apollo Capital
Management IV, Inc.
APOLLO ADVISORS IV, L.P.
By: Apollo Capital Management IV, Inc., its
General Partner
By: /s/ Michael D. Weiner
----------------------------------------
Name: Michael D. Weiner
Title: Vice President, Apollo Capital
Management IV, Inc.