XM Formalizes Previously Announced Amendment of its 1.75% Convertible Senior Notes Due 2009
WASHINGTON, July 25 /EMWPresswire/ -- 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.
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