XM Satellite Radio Raises $300 Million In Stock Sale

XM Satellite Radio Holdings Inc. said June 9 that it placed about 9.7 million shares of its Class A common stock in a public offering, underwritten by UBS Securities LLC, resulting in gross proceeds of about $300 million. The company said it plans to use the proceeds for working capital and general corporate purposes, which may include launch payments for the XM-4 satellite in mid to late 2006, construction payments for XM-5, payments for third party programming, prepayment of debt and other strategic initiatives.

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XM Satellite Radio Raises $300 Million In Stock Sale

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