XM Satellite to sell $125 million five-year floaters via Bear Stearns

By Paul A. Harris'

St. Louis, April 7 - XM Satellite Radio Inc. plans to price $125 million of five-year senior secured floating-rate notes (existing ratings Caa1/CCC+) late in the week of April 12 following limited marketing, according to market sources.

Bear Stearns & Co. will run the books on the Rule 144A offering. Co-managers are expected to emerge.

Proceeds will be used to pay down the company's $100 million revolving credit facility with General Motors Corp. and for general corporate purposes including possible repayment of other debt, replacement of liquidity resources employed to repay the $35 million loan to Boeing Inc., which is expected to be repaid by XM Satellite Radio Holdings Inc. concurrent with the completion of the offering of notes.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.