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

To: John Gault who wrote (759)	11/17/1998 8:48:00 AM
From: Jeff Vayda	Read Replies (1) \| Respond to of 904

All: APOLLO PLANS $200 MILLION CD RADIO INVESTMENT Apollo Management L.P. committed to purchasing up to $200 million of newly-issued preferred stock in CD Radio Corp. [CDRD]. Apollo is a private equity fund run by New York billionaire Leon Black. Initially, Apollo will acquire $135 million of stock but also has agreed, at CD Radio's option, to purchase an additional $65 million prior to Sept. 30, 1999. The junior convertible preferred stock has a 9.2 percent annual dividend and is convertible into common stock at a price of $30 per common share. The transaction, which is subject to antitrust and CD Radio stockholder approval, is expected to close by the end of December. CD Radio now has $900 million of the $965 million total it needs to build its satellite-delivered, digital audio radio services network. (Madeline Couton, CD Radio, 212/899-5000.) Thank you for visiting SATELLITE TODAY. Copyright c 1998 Phillips Business Information, Inc. All rights reserved.