XM expects to price $400 million five-year senior notes on Wednesday

By Paul A. Harris

St. Louis, July 21 - XM Satellite Radio Holdings Inc. plans to price a $400 million issue of five-year senior bullet notes on Wednesday, according to an informed source.

JP Morgan, Morgan Stanley and UBS Investment Bank are joint bookrunners for the Rule 144A/Regulation S offering.

Proceeds will be used to refinance debt in connection with the pending merger of XM with Sirius Satellite Radio, Inc. Completion of that merger is subject to Federal Communications Commission approval and other conditions.

The offering will be structured so that it can be unwound if the merger is not consummated.

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

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