XM Pays Out Stock Dividend

XM Satellite Radio Holdings Inc. [XMSR] announced a quarterly dividend on its 8.25- percent Series B Convertible Redeemable Preferred Stock, payable in shares of the company’s Class A Common Stock at a rate of $1.0313 per share of Series B stock owned. Fractional shares will be paid in cash. The shares of common stock will be issued at 95 percent of the value of the average daily price on the Class A Common Stock for the 10 consecutive trading days ending on Oct. 18. The dividend is payable Nov. 1 to stockholders of record as of Oct. 24.