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XM Satellite Radio Raises $154.0 Million
WASHINGTON, April 12 -- XM Satellite Radio Holdings Inc. (Nasdaq: XMSR) announced today that it has priced a public offering of 13,387,000 shares of its Class A Common Stock at a per share price of $11.50. The offering, expected to close next week, raises gross proceeds of $154.0 million. The proceeds will be used primarily for marketing expenses, systems, and other general corporate purposes, and are expected to fund company operations into the latter half of the first quarter of 2003. All of the securities were offered by the company.
The company also granted the underwriters an option to purchase up to an additional 2,008,050 shares of Class A common stock to cover over-allotments. The offering was managed by Morgan Stanley, Merrill Lynch & Co., Credit Suisse First Boston, and Deutsche Bank Securities. A copy of the prospectus relating to the offering can be obtained from the company.
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