CD Radio Completes Offerings.WASHINGTON, D.C.--(BUSINESS WIRE)--November 21, 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 it has raised a total of $175 million gross proceeds through public offerings of its common stock and units consisting of ten-year senior secured discount notes and warrants to purchase additional notes of the same class. The company sold 2.8 million shares of common stock at a price of $18 per share through underwriters led by Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co., Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. and C.E. Unterberg, Towbin. The Company also sold, at a price of $484.22 per unit, units consisting of $258.2 million aggregate principal amount at maturity of 15% senior secured discount notes due December 1, 2007, which do not require interest payments until June 2003, together with debt warrants to purchase $38.7 million additional aggregate principal amount at maturity of the same notes. The notes will be secured by a pledge of the common stock of the Company's subsidiary that holds its 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. license, and were offered through Merrill Lynch & Co., Lehman Brothers and Libra Investments, Inc. As a result of the 100% acceptance of the Company's recently completed 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. exchange offer, the Company will not exercise its right to redeem up to $50 million of its outstanding preferred stock. CD Radio holds one of two FCC 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . CONTACT: CD Radio, Washington David Margolese, 202-296-6192 or www.cdradio.com |
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