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XM Offers $400M Senior Notes in Pre-Merger Financing

July 21, 2008
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

The great satellite radio merger inches ever closer.

This morning, XM Satellite Radio (XMSR) announced a $400-million offering of senior notes, which it said is “part of a series of transactions to refinance certain debt,” in connection with its pending merger with Sirius Satellite Radio (SIRI). The company said the deal was structured in a way that would allow it to be unwound if the merger is not completed. The deal still awaits final approval from the FCC.

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