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XM, GM Discuss Prepayments
April 17, 2006 at 7:42 AM (PT)
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XM SATELLITE RADIO is talking with GENERAL MOTORS about possible debt prepayments of close to $240 million as part of XM's previously annnounced financial restructuring.
REUTERS reports that XM is discussing prepaying the amounts due for 2007-2009 as well as increasing its senior secured credit facility with the troubled automaker from $100 to $150 million.
XM said MONDAY that it is selling an aggregate of $600 million principal amount of Senior Notes due 2014 and Senior Floating Rate Notes due 2013 to "qualified institutional buyers" to retire outstanding senior secured debt, including all or a portion of its outstanding 14% Senior Secured Discount Notes due 2009, 12% Senior Secured Notes due 2010 and Senior Secured Floating Rate Notes due 2009.

