[Satellite Today 07-25-08] XM Satellite Radio Inc. priced a debt offering as part of a series of transactions to refinance certain debt M in connection with the pending merger with Sirius Satellite Radio Inc., XM announced July 24.
The new notes are expected to $778.5 million, and XM expects to receive gross proceeds of $700.1 million
The merger of the two satellite radio companies is expected to be approved soon by the U.S. Federal Communications Commission, but the offering can be withdrawn if the merger is not consummated, XM said.
As Merger Approval Nears, XM Prices Debt Offering
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