XM Satellite Radio raises $154 million

XM Satellite Radio said Wednesday that it raised $154 million through a stock offering of 13.4 million shares at $11.50 each in a deal underwritten by Morgan Stanley, Merrill Lynch, Credit Suisse First Boston and Deutsche Bank Securities. The company said previously that it expected to make between $167 million and $193 million from the sale. XM, which broadcasts radio programming from satellites to automotive and portable radios, completed an initial public offering in October 1999 and has since made numerous financing deals to raise capital. In 2000, XM raised a total of $788 million from three stock offerings of $235 million, $128 million and $100 million, as well as a $325 million bond sale. In 2001, the company generated $396 million from two stock sales of $129 million and $76 million, a bond offering of $125 million, and $66 million in financing from Boeing.