XM Satellite talks $350 million offering of four-year notes at 12¾% to 13% with 4 to 5 points of OID

By Paul A. Harris

St. Louis, June 24 - XM Satellite Radio Inc. set price talk for its $350 million offering of four-year senior secured first-lien notes (Caa1/B) at 12¾% to 13%, on Wednesday, according to an informed source.

The notes are expected to be priced with an original issue discount of 4 to 5 points.

Pricing is set for Thursday.

J.P. Morgan Securities Inc. has the books for the Rule 144A for life notes.

Proceeds will be used to repay the New York-based satellite radio company's first-lien credit facilities, with the balance to be used for general corporate purposes.

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