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XM Works on $475 Million Money Move


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#1 OFFLINE   Steve Mehs

Steve Mehs

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Posted 24 January 2003 - 05:33 AM

XM Satellite Radio said it has received tenders and consents for a majority of the outstanding 14 percent Senior Secured Notes due 2010. In addition, the company said it has received the necessary consents from General Motors and an investor group, which together have committed $475 million in financial support and funding, to lower the minimum participation threshold in the exchange offer to 50.1 percent.

As a result, XM said it expects to complete its exchange offer and close the funding package. The deadline for the exchange offer was midnight Thursday.

XM is offering a package of cash and new securities, including new 14 percent Senior Secured Discount Notes due 2009 and warrants to purchase common stock, to noteholders electing to participate in the exchange. The new senior secured notes will also share in an improved collateral package consisting of substantially all the assets of the company.

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