DBRS Assigns BBB Rating to Shaw Communications Inc.’s $400 Million Senior Notes Issuance

DBRS has today assigned a rating of BBB, with a Stable trend, to Shaw Communications Inc.’s (Shaw or the Company) senior notes issuance totalling $400 million (the Notes). The Notes will have a term of just under 29 years and be an add-on to an existing $1,050 million 6.75% notes issue, maturing November 9, 2039.

This debt issuance was initiated by Shaw today for settlement on or around February 17, 2011. The Notes will be issued by way of supplement to the Company’s Short Form Base Shelf Prospectus dated November 18, 2010 and reference the trust indenture, as amended and restated, dated December 7, 2010.

DBRS expects Shaw to use the proceeds from this issuance for repayment of debt incurred to complete the recent acquisition of Canwest Global Communications Corp.’s television assets, as well as for working capital and for general corporate purposes.

Note:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Cable, which can be found on our website under Methodologies.