CD Radio Completes Exchange Offer.WASHINGTON--(BUSINESS WIRE)--November 18, 1997--CD Radio Inc. (Nasdaq: CDRD CDRD Centre for Drug Research and Development (Vancouver BC, Canada) CDRD Cutaneous Drug Reaction Database CDRD Contract Data Requirements Document ) announced today that its offer to exchange shares of its new 10 1/2% Series C convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". for outstanding shares of its 5% delayed convertible delayed convertible A security with a conversion feature that does not come into effect until a specified date. preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. had been accepted by all holders of the existing preferred stock as of the expiration of the offer at midnight last night. In accordance with the terms of the offer, the Company will issue approximately 1,932,073 shares of Series C convertible preferred stock in exchange for the 4,988,781 shares of 5% preferred stock that were tendered. The new stock is expected to be issued on Thursday, November 20, 1997. CD Radio holds one of two FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. national satellite radio broadcast licenses. The Company is building a satellite-to-car 50 channel radio system for the broadcast of music and other programming to motorists throughout the United States. CONTACT: CD Radio Inc. David Margolese, 202-296-6192 or www.cdradio.com |
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