XM Satellite Radio Prices Offering of New Senior Notes
24 Julho 2008 - 12:29PM
PR Newswire (US)
Company Increases Size of Offering to $778.5 Million WASHINGTON,
July 24 /PRNewswire-FirstCall/ -- XM Satellite Radio Holdings Inc.
(NASDAQ:XMSR) announced today that its subsidiary, XM Satellite
Radio Inc., priced an offering of $778.5 million of new senior
notes. The notes, which were offered pursuant to Rule 144A and
Regulation S under the Securities Act of 1933 (the "Securities
Act"), will bear interest at an annual rate of 13%. The price to
investors will be 89.93% of the principal amount of the notes for
an effective yield of 16%. The company will receive gross proceeds
of $700,105,050 from the sale of the notes before deducting the
initial purchasers' discounts and commissions and estimated
offering expenses. The new notes will be guaranteed by XM Satellite
Radio Holdings Inc. and certain subsidiaries. The offering is part
of a series of transactions to refinance certain debt of XM in
connection with the pending merger with SIRIUS Satellite Radio Inc.
The offering is structured in a manner that will permit it to be
unwound if the merger is not consummated. The closing of the
pending merger remains subject to the approval from the Federal
Communications Commission and satisfaction of other applicable
conditions. The notes have not been registered under the Securities
Act or any state securities laws and may not be offered or sold in
the United States or to U.S. persons absent registration or an
applicable exemption from the registration requirements. This press
release shall not constitute an offer to sell or a solicitation of
an offer to buy any securities, nor shall there be any sale of
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. This communication contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements include, but are not limited
to, statements identified by words such as "anticipate," "believe,"
"plan," "estimate," "expect," "intend," "will," "should," "may," or
words of similar meaning. Such forward-looking statements are based
upon the current beliefs and expectations of XM's management and
are not guarantees of future performance and involve risks and
uncertainties, and actual results may differ materially from those
contemplated by such forward-looking statements. Factors that could
cause actual results to differ materially from those in the
forward-looking statements in this press release include demand for
XM Satellite Radio's service, the Company's dependence on
technology and third party vendors, its potential need for
additional financing, as well as other risks described in XM
Satellite Radio Holdings Inc.'s Form 8-K filed with the Securities
and Exchange Commission on 7-21-08. Copies of the filing are
available upon request from XM Radio's Investor Relations
Department. All programming subject to change. DATASOURCE: XM
Satellite Radio Holdings Inc. CONTACT: Media, Nathaniel Brown,
+1-212-708-6170, , or Chance Patterson, +1-202-380-4318, , or
Investors, Joe Wilkinson, +1-202-380-4008, , or Richard Sloane,
+1-202-380-1439, , all of XM Satellite Radio Holdings Inc. Web
site: http://www.xmradio.com/
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