XM's Subscriber Base Grows
XM Satellite Radio now has 600,000 subscribers, up about 100,000 as of mid-April. The information was contained in a regulatory filing. Also in the Securities and Exchange Commission filing, XM said it raised $30.4 million between April 1 and May 6 through a direct stock purchase program and issued shares of Class A common stock to eliminate $49.5 million of debt.
The satcaster intends to sell $125 million principal amount of Senior Secured Notes Due 2010 to qualified institutional buyers. XM and the first buyer will set the offering price and interest rate.
Sirius recently set a price of $1.80 per-share price of 75 million common shares.