Unnamed Investor Buys XM Convertible Notes

By | November 18, 2004 | Uncategorized

XM Satellite Radio said that plans to issue $300 million of 1.75-percent convertible senior notes due 2009, and it has granted the initial purchaser of the notes the option to purchase as much as $100 million aggregate principal amount of the notes. The notes are non-callable and will be convertible into XM Class A Common Stock at an initial conversion rate of 20 shares per $1,000 principal amount of the notes. The initial purchaser was not immediately disclosed. XM said the proceeds would be used for working capital and for general corporate purposes.

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