WASHINGTON, Oct. 20 /PRNewswire-FirstCall/ -- XM Satellite Radio Holdings Inc. announced today the extension of its offer of premium for conversion of its 10% Senior Secured Discount Convertible Notes due 2009 and consent solicitation. The offer and consent solicitation will expire at 12:00 midnight New York City time, on November 10, 2006, unless extended.
The number of shares of our Class A common stock to be issued in payment of the premium that we will pay for conversion of each $1,000 aggregate principal amount at maturity of the 10% Notes will now equal the premium amount as set forth in the Offer of Premium divided by the average closing price of our Class A common stock for the five-day period ending on November 8, 2006, which is the date two business days prior to the new expiration date.
As of 12:00 midnight, New York City time, on October 19, 2006, approximately $22.6 million aggregate principal amount of the approximately $99.9 million aggregate principal amount of issued and outstanding 10% Notes had been tendered for conversion.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About XM Satellite Radio
XM is America's number one satellite radio company with more than 7 million subscribers. Broadcasting live daily from studios in Washington, DC, New York City, the Country Music Hall of Fame in Nashville, Toronto and Montreal, XM's 2006 lineup includes more than 170 digital channels of choice from coast to coast: the most commercial-free music, premier sports, news, talk radio, comedy, children's and entertainment programming; and the most advanced traffic and weather information.
XM, the leader in satellite-delivered entertainment and data services for the automobile market through partnerships with General Motors, Honda, Hyundai, Nissan, Porsche, Subaru, Suzuki and Toyota is available in more than 140 different vehicle models for 2006. XM's industry-leading products are available at consumer electronics retailers nationwide. For more information about XM hardware, programming and partnerships, please visit http://www.xmradio.com/.
Factors that could cause actual results to differ materially from those in the forward-looking statements in this press release include demand for XM Satellite Radio's service, the Company's dependence on technology and third party vendors, its potential need for additional financing, as well as other risks described in XM Satellite Radio Holdings Inc.'s Form 10-K filed with the Securities and Exchange Commission on 3-9-06. Copies of the filing are available upon request from XM Radio's Investor Relations Department.
