XM Funded to Launch; Adds Honda

XM Satellite Radio Inc. says it now has the money it needs for commercial launch of its satellite-delivered digital audio broadcasting service.
And it has a new investor: Honda.
XM has closed a $235 million financing deal announced in July. As part of the transaction, American Honda Motor Co. Inc. has joined General Motors, DIRECTV Enterprises Inc., Clear Channel Communications and Motient Corp. as investors in XM.
The investor group, led by AEA Investors Inc., includes Madison Dearborn Partners, Baron Asset Funds, and Columbia Capital LLC, which will purchase newly issued preferred stock in the company.
Leslie Stimson