XM Satellite Radio closes $475 mln financing

Newswire

WASHINGTON, Jan 28 (Reuters) - XM Satellite Radio Inc. on Tuesday said it closed a deal to get $475 million in financing from automaker General Motors Corp. and other investors. The subscription radio service said the financing consists of $225 million in new funds from investors and $250 million in payment deferrals and related credit facilities from General Motors. XM Satellite, based in Washington, D.C., said the financing will help the company reach cashflow breakeven in 2004.

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