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Motient to offer stock in closed sale

Struggling wireless data carrier Motient Corp. announced a closed sale of common stock to institutional investors, a move the company said would generate $23.2 million. The company said $6.7 million would go to repaying the outstanding principal and accrued interest on its existing $12.5 million term credit facility, while the rest would go to general corporate purposes. The move follows several drastic actions at Motient, as it recently replaced its chief executive with a consulting firm charged with cutting costs.

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