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Technology Stocks : CDRD (CD Radio) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Miller who wrote (373)	11/21/1997 11:33:00 AM
From: Candle stick	Respond to of 904

HERE IT IS: STOCK PLACED AT 18 $: CD Radio Completes Offerings WASHINGTON, D.C. (Nov. 21) BUSINESS WIRE -November 21, 1997--CD Radio Inc. (Nasdaq: CDRD) announced today that it has raised a total of $175 million gross proceeds through public offerings of its common stock and units consisting of ten-year senior secured discount notes and warrants to purchase additional notes of the same class. The company sold 2.8 million shares of common stock at a price of $18 per share through underwriters led by Merrill Lynch & Co., Lehman Brothers and C.E. Unterberg, Towbin. The Company also sold, at a price of $484.22 per unit, units consisting of $258.2 million aggregate principal amount at maturity of 15% senior secured discount notes due December 1, 2007, which do not require interest payments until June 2003, together with debt warrants to purchase $38.7 million additional aggregate principal amount at maturity of the same notes. The notes will be secured by a pledge of the common stock of the Company's subsidiary that holds its FCC license, and were offered through Merrill Lynch & Co., Lehman Brothers and Libra Investments, Inc. As a result of the 100% acceptance of the Company's recently completed preferred stock exchange offer, the Company will not exercise its right to redeem up to $50 million of its outstanding preferred stock. CD Radio holds one of two FCC national satellite radio broadcast licenses. The Company is building a satellite-to-car 50 channel radio system for the broadcast of music and other programming to motorists throughout the United States. -0- sm/ny* CONTACT: CD Radio, Washington David Margolese, 202-296-6192 or www.cdradio.com KEYWORD: DISTRICT OF COLUMBIA INDUSTRY KEYWORD: ENTERTAINMENT COMED TELECOMUNICATIONS INTERACTIVE/MULTIMEDIA/INTERNET Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com