XM Satellite buys back $136.8 million notes, convertibles, preferreds

New York, May 8 - XM Satellite Radio Holdings Inc. said it has bought back $136.8 million of its notes, convertibles and preferred stock so far this year.

The company repurchased $2 million of its 14% senior secured notes due 2010, $94.2 million face amount of its senior discount notes, $20.9 million of its 7¾% convertible subordinated notes due 2006 and $19.7 million of its 8.25% series B convertible redeemable preferred stock.

The transactions were executed "opportunistically" to improve the company's balance sheet, said XM chairman Gary Parsons during a conference call Thursday.

By making the repurchases, XM will save $212 million of future principal, interest and dividend payments.

During the first quarter and in April, XM raised $50 million in cash under its Direct Stock Purchase Plan, issuing 9.4 million shares. Of the proceeds, $17 million was used for the de-leveraging transactions.

In January XM Satellite exchanged $300.2 million of its 14% senior secured notes for $1,459 principal amount at maturity of 14% senior secured discount notes due 2009 per $1,000 principal amount of the old notes plus warrants and $70 in cash. It also carried out a $475 million financing package with General Motors Corp. and a group of investors.

Amkor calls 9¼% notes

New York, May 8 - Amkor Technology, Inc. said it will redeem its 9¼% senior notes due 2006 on June 7.

The West Chester, Pa. company will pay 104.625% of principal for the notes plus accrued interest.

Because June 7 is not a business day, the actual redemption will be on June 9 although holders will not receive additional accrued interest.

In total Amkor said it expects to pay $448.5875 million which will be funded from the proceeds of its recent sale of $425 million 7¾% notes due 2013 together with cash on hand.

Westport redeems 8 7/8% notes

New York, May 8 - Westport Resources Corp. redeemed its remaining 8 7/8% senior subordinated notes due 2007 on May 5, according to a filing with the Securities and Exchange Commission.

The company funded the redemption with proceeds from its recent offering of $125 million 8¼% senior subordinated notes due 2011. The add-on was priced at 106 to yield 7.091%.

Westport had $123 million principal amount of the notes outstanding and paid a total redemption price of $129.6 million.

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