XM Raises $201.4 Million In Stock Offering

Staff On Mar 12 2001 - 8:00am

WASHINGTON, D.C. -XM Satellite Radio Holdings has completed pricing for a stock offering that will raise a total of $201.4 million for the company. A public offering of 7.5 million shares of its Class A common stock has been priced at $10.1875 per share and $125 million of 7.75 percent convertible subordinated notes due 2006. The notes will be convertible into shares of Class A common stock at a conversion price of about $12.22 per share.

Proceeds will be used primarily for marketing, systems and other general corporate purposes, and are expected to fund company operations into 2002.