XM Formalizes Previously Announced Amendment of its 1.75% Convertible Senior Notes Due 2009
26 7월 2008 - 5:18AM
PR Newswire (US)
WASHINGTON, July 25 /PRNewswire-FirstCall/ -- XM Satellite Radio
Holdings Inc. (NASDAQ:XMSR) today announced that it has executed
the previously disclosed amendment of the indenture for its $400
million aggregate principal amount of 1.75% Convertible Senior
Notes due 2009. Pursuant to the amendment and subject to
consummation of the proposed merger of XM with a subsidiary of
Sirius Satellite Radio Inc., the interest rate on the convertible
notes will be increased to 10% per annum, retroactive to July 2,
2008. As previously announced, XM entered into an agreement with
holders of the convertible notes to increase the interest rate on
the notes and such holders have agreed not to assert any claim that
the merger constitutes a "Fundamental Change" under the indenture.
In light of the amendment, holders of the convertible notes are no
longer required to obtain joinders upon transfer of their notes.
DATASOURCE: XM Satellite Radio Holdings Inc. CONTACT: Investors,
Joe Wilkinson, +1-202-380-4008, , or Richard Sloane,
+1-202-380-1439, ; or Media, Nathaniel Brown, +1-212-708-6170, , or
Chance Patterson, +1-202-380-4318, , all of XM Web site:
http://www.xmradio.com/
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