XMSR announced this morning that it has put 9.7 million shares of common stock in a public offering resulting in $300 million gross, with a closing expected on June 14th.

XM Satellite Radio plans to use the proceeds for the launch of XM-4 (“Blues”) in mid-to-late 2006, construction payments for XM-5, payments for 3rd-party programming, repayment of debt and other strategic initiatives and stuff.