Washington - Looking to reorganize its finances ahead of its pending merger with Sirius (NASD: SIRI), DC-based XM Satellite Radio (NASD: XMSR) said on Monday that it plans to raise $400 million through a new debt offering.

The company said that the move is one of a series of transactions aimed at refinancing its debt in connection to the merger, which is still awaiting approval from the Federal Communications Commission (FCC).

XM said that the offering can be "unwound" if the merger is not approved.

The company also announced that it added 322,000 new net subscribers during the second quarter, finishing June with more than 9.6 million.

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