XM Raises $231 Million In Additional Financing

XM Raises $231 Million In Additional Financing
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In June and July, XM raised approximately $185 million in gross proceeds as the result of a high yield offering of 12% Senior Secured Notes due 2010. During the quarter, XM also raised approximately $46.0 million in cash proceeds under its Direct Stock Purchase Plan.
XM expects the net proceeds of these transactions to be used for working capital and general corporate purposes, which would potentially include funding for the completion and launch of XM's ground spare satellite if insurance proceeds are not received in a timely manner.