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XM Satellite gets $100 million term loan
By Sara Rosenberg
New York, June 26 - XM Satellite Radio Inc. closed on a new $100 million term loan due May 5, 2009 on Thursday, according to an 8-K filed with the Securities and Exchange Commission.
UBS acted as the administrative agent on the deal.
Proceeds were used to repay the previously disclosed draw under the company's $150 million GM credit facility.
The company's revolving credit facility was amended to allow for the new term loan, which replaces the previous $100 million accordion feature.
XM is a Washington, D.C.-based satellite radio service company.
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