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Technology Stocks : CDRD (CD Radio)
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To: Candle stick who wrote (150)6/27/1997 8:08:00 AM
From: Mama Bear   of 904
 
WASHINGTON, D.C.--(BUSINESS WIRE)--June 27, 1997--CD Radio Inc.
(Nasdaq: CDRD) announced today that it has received commitments
from certain holders of its 5% Delayed Convertible Stock to purchase
approximately $50 million of a new class of convertible preferred
stock for cash or in exchange for shares of the 5% Delayed
Convertible Stock.
The new stock will be convertible into common stock at a price
of $21 per share (provided that the conversion price will adjust to
match the market price of the common stock, but never below $10, on
the fourth anniversary of the date of issuance if the market price
of the stock at that time is less than $21).
The new class of preferred stock, which contains a 5% coupon
payable in cash or PIK, would be subject to mandatory redemption by
the Company after 10 years and to optional redemption after 5 years.
The issuance of the preferred stock is subject to a number of
conditions, including approval of the Company's shareholders.
CD Radio is the winning bidder for one of two FCC national
satellite radio broadcast licenses. The Company is engaged in the
development of a satellite-to-car 50 channel radio service for
delivery to motorists throughout the United States.
--30--kdb/ny* mg/sf
CONTACT:
www.cdradio.com
or
David Margolese, 202/296-6192
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