Business Notes

Staff On Feb 9 2004 - 8:00am

XM Satellite Radio Closes Public Offering Of 20 Million Shares

WASHINGTON— XM Satellite Radio Holdings has closed the public offering of 20 million shares of its common stock, including 7 million shares offered by XM representing new financing, and 13 million shares offered by certain selling shareholders. In an effort to eliminate about $135 million in debt, XM will use some of the proceeds to prepay a portion of its outstanding $89 million Series GM Senior Secured Convertible Note, due 2009. It will do the same for redemption of any of the approximate $45.7 million outstanding principal of 7.75 percent Convertible Subordinated Notes, due 2006.

TiVo Sells $74 Million In Common Stock To Institutional Investors

SAN JOSE, CALIF.— Digital video recorder company TiVo sold a secondary offering of 8 million shares of common stock, at $9.30 per share, to institutional investors, raising $74.4 million. TiVo intends to use proceeds from the offering for general corporate purposes — primarily to fund sales, marketing and customer acquisitions, and secondarily, to fund research and development, capital expenditures and working capital. TiVo technology allows TV viewers to pause and replay live programming, which includes advanced search and personalized features, allowing programs to be stored on a hard drive.