WASHINGTON, July 21 /PRNewswire-FirstCall/ -- XM Satellite Radio Holdings
Inc. (Nasdaq: XMSR) announced today that it is launching an offering of $400
million aggregate principal amount of new senior notes. The offering is part
of a series of transactions to refinance certain debt of XM in connection with
the pending merger with SIRIUS Satellite Radio Inc. The offering will be
structured in a manner that will permit it to be unwound if the merger is not
consummated. The closing of the pending merger remains subject to the
approval from the Federal Communications Commission and satisfaction of other
applicable conditions.
The notes will be offered in the United States to qualified institutional
buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended
(the 'Securities Act'), to persons outside of the United States pursuant to
Regulation S under the Securities Act and applicable private placement
exemptions in such jurisdictions. The notes have not been registered under
the Securities Act or any state securities laws and may not be offered or sold
in the United States or to U.S. persons absent registration or an applicable
exemption from the registration requirements.
This press release shall not constitute an offer to sell or a solicitation
of an offer to buy any securities, nor shall there be any sale of securities
in any state or jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such state or jurisdiction.
About XM
XM (Nasdaq: XMSR) is America's number one satellite radio company with
more than 9.6 million subscribers. Broadcasting live daily from studios in
Washington, DC, New York City, Chicago, Nashville, Toronto and Montreal, XM's
2008 lineup includes more than 170 digital channels of choice from coast to
coast: commercial-free music, premier sports, news, talk radio, comedy,
children's and entertainment programming; and the most advanced traffic and
weather information.
XM, the leader in satellite-delivered entertainment and data services for
the automobile market through partnerships with General Motors, Honda,
Hyundai, Nissan, Porsche, Subaru, Suzuki and Toyota is available in 140
different vehicle models for 2008. XM's industry-leading products are
available at consumer electronics retailers nationwide. XM programming is also
available through XM Radio Online; as downloads of original XM shows via
podcasts from XM's Web site or the Apple's iTunes Store; and as streams of
commercial-free XM music channels to AT&T and Alltel wireless customers
through XM Radio Mobile. For more information about XM hardware, programming
and partnerships, please visit http://www.xmradio.com/.
This communication contains 'forward-looking statements' within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
statements include, but are not limited to, statements about the results of
XM's second quarter operating results and other statements identified by words
such as 'anticipate,' 'believe,' 'plan,' 'estimate,' 'expect,' 'intend,'
'will,' 'should,' 'may,' or words of similar meaning. Such forward-looking
statements are based upon the current beliefs and expectations of XM's
management and are not guarantees of future performance and involve risks and
uncertainties, and actual results may differ materially from those
contemplated by such forward-looking statements. Factors that could cause
actual results to differ materially from those in the forward-looking
statements in this press release include demand for XM Satellite Radio's
service, the Company's dependence on technology and third party vendors, its
potential need for additional financing, as well as other risks described in
XM Satellite Radio Holdings Inc.'s Form 10-K filed with the Securities and
Exchange Commission on 2-28-08. Copies of the filing are available upon
request from XM Radio's Investor Relations Department. All programming
subject to change.
SOURCE XM Satellite Radio Holdings Inc.
