XM Satellite Radio's $300 Million Common Stock Financing

(CelebrityAccess MediaWire) — XM Satellite Radio Holdings Inc. has placed approximately 9.7 million shares of its Class A common stock in a public offering underwritten by UBS Securities LLC resulting in gross proceeds of approximately $300 million to the Company.

The company plans to use the proceeds for working capital and general corporate purposes, which may include launch payments for XM-4in mid to late 2006, construction payments for XM-5, payments for third-party programming, repayment of debt and other strategic initiatives. The closing is expected to occur on June 14, subject to customary closing conditions. – Bob Grossweiner and Jane Cohen