Business Notes
By Staff -- TWICE, 9/15/2003
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Myer-Emco To Carry Samsung's Video Line
Ridgefield Park, N.J.— Samsung Electronics America and Myer-Emco, the Washington-area nine-store retailer, have signed a deal where the chain will carry a broad line of Samsung's video displays. The products to be carried by Myer-Emco are expected to include HDTV items such as direct view, LCD, plasma and DLP TVs, as well as Samsung's lineup of set-top boxes and DVD players.
XM Raises $150 Million In Public Offering
Washington — Satellite radio provider XM Satellite Radio Holdings has completed a public offering of 11.3 million shares of its Class A common stock. Expected net proceeds will be about $150 million. The company said it expects all or a significant portion may be used for funding construction of XM-4, a new ground spare satellite. Otherwise, it expects to use the proceeds for working capital and general corporate purposes, which may include the repurchase or pre-payment of outstanding debt.
Sirius Files $500 Million Shelf Registration Statement
New York— Satellite radio provider Sirius has filed a shelf registration statement with the Securities and Exchange Commission for up to $500 million in debt securities, common and preferred stock and warrants. Sirius said it has no present intention to issue securities under the registration statement. As of June 30, the company had about $560 million in cash and other liquid assets, an amount projected to be in excess of what it needs to reach cash flow breakeven. Sirius said shelf registration was a future tool for allowing it to enter the debt and equity markets for transactions that enhance stockholder value — acquisitions, debt issuances to fund stock buyback programs and business-plan expansions.
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