XM Satellite Radio (Nasdaq: XMSR) today announced that the initial purchaser has exercised its option in full to purchase an additional $100 million of the company's 1.75% Convertible Senior Notes due 2009. This purchase increases the aggregate principal amount of notes to $400 million.
The closing of the sale of additional notes is expected to occur on January 12, 2005.
The notes are convertible into 20.0 shares of the company's common stock for each $1,000 principal amount of notes, representing a conversion price of $50 per share of common stock, subject to adjustment in certain circumstances.
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