XM Canada raises US$100 million

TORONTO – Satellite radio operator XM Canada's parent company, Canadian Satellite Radio Holdings said today it has raised US$100 million in aggregate principal amount of 12.75% senior notes due 2014. The notes will bear interest at an annual rate of 12.75% and will be guaranteed by Canadian Satellite Radio Inc., CSR's wholly owned subsidiary. The company intends to use the net proceeds from the offering to pay for ongoing operating expenses, including subscriber acquisition costs, marketing and advertising expenses, broadcast operations, programming costs, payments under its license agreement with XM Satellite Radio, and for general corporate purposes. The notes offering...