XM Satellite Radio Holdings Announces Quarterly Dividend on Series B Preferred Stock
WASHINGTON, April 12 -- XM Satellite Radio Holdings Inc. announced today that it has declared a regular quarterly dividend on its 8.25% Series B Convertible Redeemable Preferred Stock.
The dividend is payable in shares of the Company's Class A Common Stock at a rate of $1.0313 per share of Series B Preferred Stock owned, with fractional shares to be paid in cash. The shares of Class A Common Stock to be issued will be valued at 95% of the average daily price of the Class A Common Stock for the 10 consecutive trading days ending on April 14, 2004. The dividend is payable as of May 1, 2004, to Series B convertible preferred stockholders of record of XM Satellite Radio Holdings Inc. as of April 21, 2004.
About XM Satellite Radio
In the fall of 2001, XM Satellite Radio pioneered the introduction of satellite radio in the U.S. Today, XM is America's #1 satellite radio service with more than 1.6 million subscribers. Broadcasting live daily from studios in Washington, DC, New York City and Nashville, Tennessee at the Country Music Hall of Fame, XM's 2004 lineup includes more than 120 digital channels of choice from coast to coast: 68 commercial-free music channels, featuring hip hop to opera, classical to country, bluegrass to blues; 33 channels of premier sports, talk, comedy, children's and entertainment programming; and more than 20 channels of the most advanced traffic and weather information for major metropolitan areas nationwide. Affordable, compact and stylish XM satellite radio receivers for the home, the car, the computer and boom boxes for "on the go" are available from retailers nationwide. In addition, XM is available in more than 80 different 2004 car models. XM is a popular factory-installed option on more than 40 new General Motors models, as well as a standard feature on several top-selling Honda and Acura models. Passengers on JetBlue Airways and AirTran Airways will be able to listen to XM's programming in- flight later in 2004.