Sirius XM (SIRI) CEO Mel Karmazin say he can get his long-term debt refinanced.

According to Reuters, "Sirius XM faces some $1.1 billion in debt in 2009. Of that, about $300 million comes due in February."

Wall St. seems to view it differently and is taking the other side of the bet. SIRI shares are down 5% today. In this credit market no one will touch debt in a company with a big operating loss, unless the coupon is 15%.

Douglas A. McIntyre