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RARE MEDIUM SECURES FINANCING FOR MERGER WITH MOTIENT

Published on .

(July 19, 2001) -- Interactive agency Rare Medium Group, New York, announced it has purchased the second of two tranches of $25 million exchangeable notes from Motient Corp. as part of a financing agreement announced April 3.

The purchase, which follows an announcement a month later that the companies will merge, brings the total amount of financing to $50 million. The notes purchased by Rare Medium bear interest at 12.5% per year and are secured by a pledge of shares of XM Satellite Radio common stock held by Motient. -- Adrienne Mand

Copyright July 2001, Crain Communications Inc.

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