Canadian satellite and cable broadcaster Shaw Communications has announced a ten-year 5.5% senior unsecured note offering of C$500m.
In a statement, it also said It would reopen its offering of 6.75% senior unsecured notes due in 2039 for a further…
Canadian satellite and cable broadcaster Shaw Communications has announced a ten-year 5.5% senior unsecured note offering of C$500m.
In a statement, it also said It would reopen its offering of 6.75% senior unsecured notes due in 2039 for a further C$400m.
It said that the proceeds would be used to repay debt incurred during Shaw’s recent C$2bn acquisition of Canwest Global Communications – C$815m of this cost was covered by subsidiary CW Media Group – as well as to effect a related debt refinancing.
It also said that closing is scheduled to occur on December 7, and that, based on the closing price, the effective yield of the 2020 notes and 2039 notes would be 5.548% and 6.963%, if they were held to maturity.
Shaw is planning to use Canwest’s channels – including the Food Network and the home/garden channel HGTV – to help sell wireless networks that it plans to roll out in Canada in 2011.
