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XM
Satellite Radio Completes Offering
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XM
Satellite Radio Holding's Inc. has completed a US$325 million high
yield offering, consisting of 14% Senior Secured Notes due 2010,
with attached warrants to purchase approximately 2.6 million
shares of XM Radio's Common Stock. A portion of the net proceeds
will be reserved to provide for payment in full of interest on the
notes for the first six scheduled payments. The net proceeds from
XM Satellite Radio's five successful offerings represents US$865
million. The proceeds from the recent high yield offering will be
used for the continued development and build-out of the XM
Satellite Radio system. The initial purchasers of the XM
securities are Bear, Stearns & Co. Inc., Donaldson, Lufkin
& Jenrette, Salomon Smith Barney and Lehman Brothers. The
securities were offered by the initial purchasers solely to
certain qualified institutional. XM Satellite Radio plans to
deliver up to 100 channels of digital-quality sound coast-to-coast
directly from its satellites to listeners in their cars and at
home. XM Satellite Radio plans to offer an innovative mix of
music, talk, news, sports and children's formats for US$9.95 a
month. XM Satellite Radio holds one of only two satellite digital
audio radio service (SDARS) licenses awarded by the Federal
Communications Commission in October 1997, the other license
recipient being Sirius Satellite Radio.
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2000 SPACEandTECH
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