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XM Expects to Close its Re-financing Deal

XM Expects to Close its Re-financing Deal

XM Satellite Radio, Inc. is on its way to closing its $475 million re-capitalization. The company received consents from a majority of the outstanding 14% Senior Secured Notes due 2010. XM has already received the necessary consents from General Motors and its investor group, which together have committed $475 million in financial support and funding, to lower the minimum participation threshold in the exchange offer to 50.1%. As a result, the company expects to complete the exchange offer and close the funding package subject to customary closing conditions.
Hugh Panero, Chief Executive Officer, stated, “We believe that with the completion of this funding package, XM’s business plan will be fully-funded through cash flow breakeven.”