XM Canada buys back senior notes

TORONTO – Canadian Satellite Radio Holdings, the parent company of XM Canada, has re-purchased US $9M of its senior notes in an effort to save annual interest."This is in keeping with our primary objective of reducing costs and delivering long-term profitability for our shareholders," said CFO Michael Washinushi, in a statement. "The repurchase will reduce our long term debt, lead to a savings of US$1.1 million per year in debt servicing, strengthen our balance sheet and improve our overall financial picture."The repurchased debt was part of a US$100 million aggregate principal amount of 12.75% senior notes due in 2014.www.xmradio.ca