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XM Completes Share Offering

By | September 11, 2003

      XM Satellite Radio Holdings [Nasdaq: XMSR] has completed its public offering of 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 raised $150 million in net proceeds. XM expects to use the proceeds 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.

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