XM Satellite Radio calls 7¾% convertibles

New York, Feb. 4 - XM Satellite Radio Holdings Inc. said it will redeem the $45.7 million outstanding principal amount of its 7¾% convertible subordinated notes due 2006 on March 3.

Holders can convert the securities into stock at a price of $12.225 per share up to the close of business on March 2. XM stock closed at $22.12 on Wednesday.

The Washington satellite radio broadcaster also said it will prepay the $89 million series GM senior secured convertible note due 2009. Up to 5 p.m. ET on Feb. 19, $7.9 million of the GM note can be converted into stock at an average price of $8.00 per share.

Funding for the redemptions will come from XM Satellite's recent sale of common stock.

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