August 09, 2000 -- XM Satellite Radio Inc. (Nasdaq: XMSR), a new band of radio, closed its $235 million financing deal announced in July thus completing its funding through commercial launch of its revolutionary nationwide satellite radio service. As part of the transaction, American Honda Motor Co. Inc. has joined General Motors, DIRECTV Enterprises Inc., Clear Channel Communications and Motient Corporation (Nasdaq: MTNT) as a key strategic investor in XM. The investor group, led by AEA Investors Inc., also includes Madison Dearborn Partners, Baron Asset Funds, DIRECTV and Columbia Capital, LLC, which will purchase newly issued preferred stock in the company.
First there was AM, then FM and soon. . . XM Satellite Radio. For more information, please visit XM Radio's website: www.xmradio.com.
Factors that could cause actual results to differ materially from those in the forward-looking statements in this press release include uncertainties associated with the launch of our satellites, the company's dependence on third party vendors, its continuing need for additional financing, as well as other risks described in XM Satellite Radio Holdings Inc.'s Form 8-K filed with the Securities and Exchange Commission on 2-25-00. Copies of the filing are available upon request from XM Radio's Investor Relations Department.