XM Satellite Radio priced a public offering of 11,320,755 shares of its Class A Common Stock to Legg Mason Funds Management, Inc., Legg Mason Capital Management, Inc. and another large institutional investor, each on behalf of its investment advisory clients. Expected net proceeds will be approximately $150 million. XM expected to use the funding for the construction of XM-4, its new ground spare satellite, if insurance proceeds are not received in time.
On the hardware side, Honda said XM Radio would be a standard feature on certain models of its 2004 model year Accord. All 2004 Honda S2000 roadsters will be shipped to dealers as “XM-ready,” later this year. The S2000 joins the Honda Pilot, which already is offered with XM as a dealer-installed option.
Earlier this year, XM Satellite Radio announced the addition of XM as standard equipment on the 2004 Acura RL, which went on sale in March, and the 2004 TL sedan, on sale this fall.
XM Increases Public Shares By Nearly 11%
XM Increases Public Shares By Nearly 11%
