National, March 13, 2000 -- XM Satellite Radio Holding's Inc. (NASDAQ:XMSR) announced today that it priced its $325 million high yield offering, consisting of 14% Senior Secured Notes due 2010 with attached warrants to purchase approximately 2.6 million shares of XM Radio's Common Stock. A portion of the net proceeds will be reserved to provide for payment in full of interest on the notes for the first six scheduled payments.
The units are being offered by the initial purchasers solely to certain qualified institutional buyers pursuant to Rule 144A, have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act.
XM Satellite Radio is developing a new band of radio. The service will deliver up to 100 channels of digital-quality sound coast-to-coast directly from its satellites to listeners in their cars and at home. XM Satellite Radio plans to offer an innovative mix of music, talk, news, sports and children's formats for $9.95 a month. Headquartered in Washington, DC, XM Satellite Radio holds one of only two satellite digital audio radio service (SDARS) licenses awarded by the Federal Communications Commission in October 1997.
First there was AM, then FM and soon ... XM Satellite Radio. For more information, please visit XM's new website: www.xmradio.com.
Factors that could cause forward-looking statements (including projections and business trends) in this document to differ materially from actual results are detailed from time to time in XM Radio's filings with the Securities and Exchange Commission.