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XM Satellite tunes into $25 million

XM Satellite Radio announced Friday it has raised an additional $25 million in funding commitments through its proposed debt offering. The additional funds bring its funding commitments to $475 million. Everest Capital is planning to contribute $15 million toward the latest funding commitment and serve as lead investor.

XM Satellite Radio is a U.S. broadcaster that transmits such digital content as news, sports and music. The Washington, D.C.-based company has more than 360,000 subscribers to its service. XM Satellite's shares fell in morning trading by 12 cents, or about 3 percent, to $3.76.