XM Funded Through Q4, 2002

XM Satellite Radio says it’s well financed to operate into the fourth quarter of next year.
XM has placed 10 million shares of its common stock in a public offering underwritten by Morgan Stanley resulting in gross proceeds of $112.5 million to the company. XM has granted the underwriter an option to purchase an additional 1.5 million shares of common
stock. The offering is expected to close early next week.
XM has also closed a $66 million funding package with Boeing that was made public in October. The financing package included $35 million in new debt financing with Boeing Capital Services Corporation and $31 million in restructured obligations with Boeing Satellite Systems International, Inc.
XM President and CEO Hugh Panero said, “With these financings, representing $147.5 million in new funding, XM is well positioned to operate its business into the fourth quarter of 2002.”