| Sirius said it entered into an agreement with Space Systems/Loral for the design and construction of a satellite that's expected to be completed in the fourth quarter of 2008.
The Satellite Radio company said it plans to launch the satellite on a Proton rocket under a contract previously announced between Sirius and International Launch Services. The bird will complement Sirius' existing three satellites, which also were manufactured by Space Systems/Loral and operate in a highly elliptical geosynchronous orbit.
The aggregate cost of designing, building, launching and insuring the launch of the satellite will be about $260 million, Sirius said. Loral has agreed to provide a $100 million vendor financing facility to the company, yet Sirius said it has no current plans to draw the facility.
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