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Satnews Daily
October 27th, 2010

XM Satellite Radio... Financially Speaking...


[SatBroadcasting(tm)] XM Satellite Radio Inc. ("XM"), a subsidiary of SIRIUS XM Radio (Nasdaq: SIRI), has announced the closing of its previously announced offering of $700 million aggregate principal amount of 7.625 percent Senior Notes due 2018 (the "7.625% Notes").

In addition, XM announced it exercised its early purchase option and has accepted for purchase all of the $489,065,000 aggregate principal amount of its outstanding 11.25 percent Senior Secured Notes due 2013 (the “11.25 percent Notes”) tendered and not validly withdrawn prior to 5:00 p.m., New York City time, on October 26, 2010 pursuant to the previously announced tender offer and consent solicitation. Payment for the 11.25 percent Notes purchased will be made today (10/27/2010). XM also announced that based on the amount of 11.25 percent Notes tendered, XM has received the requisite consents to adopt the proposed amendments to the 11.25 percent Notes, the indenture governing the 11.25 percent Notes and the related security documents. A supplemental indenture and other documents giving effect to the amendments have been executed and delivered. The amendments have eliminated most of the restrictive covenants and certain of the events of default contained in the indenture governing the 11.25 percent Notes and have released the security for, and guarantees of, the 11.25 percent Notes.

The tender offer is being made pursuant to the terms and conditions of the Offer to Purchase and Consent Solicitation Statement, dated as of October 13, 2010, and the related Letter of Transmittal and Consent (collectively, the "Offer Documents"). The tender offer will expire at 12:00 a.m., midnight, New York City time, on November 9, 2010, unless extended by XM. The depositary and information agent for the tender offer and consent solicitation is Global Bondholder Services Corporation. The dealer manager for the tender offer and solicitation agent for the consent solicitation is J.P. Morgan Securities LLC ((800) 245-8812 (toll-free) and (212) 270-1200 (collect)).