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XM Satellite Radio Closes on $475 Million Financing Package

Authored by Mark Hefflinger on January 30, 2003 - 4:26am.
Washington, DC -- Days after completing a tender offer for its existing notes, DC-based XM Satellite Radio, the operator of a nationwide subscription satellite radio service, said that it has closed on its previously announced $475 million funding package from General Motors and a group of investors. The package consists of $225 million in new funds from investors and $250 million in payment deferrals and related credit facilities. Calling the deal "a critical milestone in XM's road to becoming a major entertainment company," Hugh Panero, XM president and CEO, said that the company is now on track to reach cashflow breakeven in 2004.
tags: Satellite Radio | XM | Financing | Package |