XM Satellite Radio unveiled its plans to raise $800 million through a pair of debt offerings and also announced a contract that will return shock jocks Opie & Anthony to free-to-air radio, XM announced.
XM plans to issue a pair of debt offerings – an offering of new senior notes valued at $600 million due in 2014 and a separate $200 million debt offering due in 2013. XM plans to use the proceeds to repurchase or redeem its notes due in 2009 and 2010, as well as make a previously announced prepayment of about $240 million to General Motors to retire about $320 million of fixed payment obligations due in 2007, 2008 and 2009.
Separately, XM signed a deal with CBS Radio to broadcast Opie & Anthony in seven markets in the United States beginning April 26. CBS will broadcast a three-hour version of the show, while XM subscribers will receive an additional two hours of content daily.
Financial terms of the agreement were not disclosed.
