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XM Declares Dividend on Series B Stock


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#1 OFFLINE   Steve Mehs

Steve Mehs

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Posted 13 January 2003 - 04:33 AM

XM Satellite Radio Holdings said that it declared a regular quarterly dividend on its 8.25 percent series B convertible redeemable preferred stock.

The dividend is payable in shares of XM's class A common stock at a rate of $1.0313 per share of series B preferred stock owned, with fractional shares to be paid in cash. The shares of class A common stock to be issued will be valued at 95 percent of the average daily price of the class A common stock for the 10 consecutive trading days ending on Jan. 15. The dividend is payable on Feb. 1, to series B convertible preferred stockholders of record of XM Satellite Radio Holdings Inc. as of Jan. 22.

Earlier this week at the Consumer Electronics Show, XM announced it had more than 360,000 subscribers.

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