XM Satellite Radio to sell $350 million four-year notes June 22 week

By Paul A. Harris

St. Louis, June 22 - XM Satellite Radio Inc. started a roadshow on Monday for its $350 million offering of four-year senior secured first-lien notes (Caa1/B/), according to an informed source.

The roadshow is expected to conclude on Wednesday or Thursday.

The notes are expected to price mid-to-late during the present week.

J.P. Morgan Securities Inc. has the books for the Rule 144A for life notes.

Proceeds will be used to repay the New York-based satellite radio company's amended and restated credit agreement, with the balance to be used for general corporate purposes.

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