XM Sells Satellite In Leaseback Deal
February 15, 2007 at 5:48 AM (PT)
XM SATELLITE RADIO has informed the SEC that it has sold its XM-4 satellite to a trust for $288.5 million in a leaseback deal that close to doubles the company's cash on hand.
XM entered a nine-year lease on the satellite. Some $44 million of the proceeds will be used to pay off mortgage debt, and the rest will be used for "general purposes."