In an interesting move that will further help clean up the merger process, XM Satellite Radio Inc., a wholly-owned subsidiary of SIRIUS Satellite Radio Inc., announced today that it is offering to purchase for cash any and all of its outstanding 9.75% Senior Notes due 2014 (CUSIP No. 98375YAS5) (the "Notes"), on the terms set forth in the Offer to Purchase and Consent Solicitation Statement dated July 29, 2008.
The tender offer will expire at 12:01 a.m., New York City time, on August 27, 2008, unless extended. The total consideration for each $1,000 principal amount of the Notes validly tendered and not withdrawn will be 100% of the principal amount of the Notes. Holders whose Notes are accepted for payment in the tender offer will also receive accrued and unpaid interest up to, but not including, the payment date, expected to be promptly after the offer expiration date.
XM intends to use cash on hand to facilitate the purchase.
Position: Long Sirius.