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XM To Raise $150M In Share Offering

By | September 8, 2003

      XM Satellite Radio Holdings [Nasdaq: XMSR] plans to issue 11.3 million shares of its Class A common stock for sale to Baltimore-based institutional investors Legg Mason Funds Management, Legg Mason Capital Management and T. Rowe Price Associates. The deal is expected to close Wednesday and raise $150 million in net proceeds. The proceeds could be used by XM to fund construction of its new ground spare satellite, XM-4. Depending on the outcome of insurance settlement discussions involving deteriorating in-orbit satellites, the stock sale proceeds also could be used for working capital and general corporate purposes, including repurchase or pre-payment of outstanding debt, XM officials said.

      For more on this story, see the Sept. 15 issue of SATELLITE NEWS. For info on subscribing to PBI Media’s satellite newsletters, check out our Web site at

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