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XM SATELLITE RADIO CLOSES $175 MILLION DEBT OFFERING

Washington D.C., June 17, 2003 --XM Satellite Radio Holdings Inc. (NASDAQ: XMSR) announced today that its subsidiary, XM Satellite Radio Inc., completed a $175 million debt offering, consisting of 12% Senior Secured Notes due 2010. In addition, XM granted the initial purchaser an option to purchase up to an additional $25 million of notes to cover over-allotments.

The notes were offered by the initial purchaser solely to certain qualified institutional buyers pursuant to Rule 144A, were not registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these notes.

Contact
Greg Cole
Phone: 202-380-4008


Contact
Gary Tiedemann
Phone: 202-380-4010
ir@xmradio.com