XM Grosses $300 Million in Stock Sale

XM Satellite placed shares of its stock in a public offering and said it grossed about $300 million.
The company plans to use some of the money to pay for the launch of its fourth satellite in mid to late 2006, and construction payments for its fifth satellite, plus payments for third-party programming and repayment of debt. XM also announced it has changed satellite contractors, from Boeing to Space Systems/Loral, for the additional satellites.
The companies expect the sale to close June 14.