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XM Satellite exchanges $98.1 million 14% notes for stock
New York, Dec. 31 - XM Satellite Radio Holdings, Inc. said it exchanged $98.1 million accreted face value at maturity of its 14% senior secured discount notes due 2009 issued by its XM Satellite Radio Inc. subsidiary for 2.737 million shares of class A common stock.
The transaction was agreed on Dec. 29, according to an 8-K filing with the Securities and Exchange Commission.
XM is a Washington, D.C.-based satellite radio broadcaster.
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