XM Satellite Radio Holdings has secured $147.5 million in new funding through
a public stock offering and a separate funding package with The Boeing Co.
That money should take the company through next year, CEO Hugh Panero
To raise the money, XM is offering 10 million shares of its common stock on
the public markets, which will result in $112.5 million. The company also has
granted underwriter Morgan Stanley Dean Witter & Co. the option to purchase
1.5 million additional shares of common stock.
XM also closed a $66 million funding package with Boeing that the company
announced in October. That package includes $35 million in new debt to Boeing
Capital Services Corp., as well as $31 million in restructured