XM Satellite Radio $125 million seven-year notes talked at 12% area, pricing Thursday

By Paul A. Harris

St. Louis, June 11 - The price talk is 12% area on XM Satellite Radio's upcoming sale of $125 million seven-year senior secured notes (Caa1/CCC+), according to a market source.

The deal is expected to price on Thursday, the source added.

Bear Stearns & Co. is the bookrunner for the Rule 144A offering.

The notes will be non-callable for four years.

Proceeds will be used for interim advances for satellite launches and to retire and refinance debt.

The company is a Washington, D.C.-based satellite radio service.

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