XM Gets $66M, Expands Rollout
Staff -- TWICE, 10/22/2001
WASHINGTON, D.C. — XM Satellite Radio received $66 million in new financing and gave further details on its service rollout in the southern states.
On the financial side, the company reached agreement on the basic terms of a $66 million funding package, including $35 million in new debt financing with Boeing Capital Services Corporation and $31 million in restructured obligations with Boeing Satellite Systems International.
XM president and CEO Hugh Panero said that with this financial package, plus existing funds in excess of $125 million, the company has enough funds to "drive its business deep into the second quarter of 2002."
XM expanded its launch to the entire southern half of the United States, including Los Angeles, Houston, New Orleans, Atlanta and Miami, covering a combined 136 million people. In the next two weeks retailers in the southeast and the southwest will be receiving XM radios.
For more on XM Satellite Radio and rival Sirius Satellite Radio, see story on p. 26.
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