DBRS Notes $100 Million Increase in Shaw’s Pfd-3-Rated Issue of Preferred Shares

DBRS notes that Shaw Communications Inc. (Shaw or the Company) has announced a $100 million increase in its issue of 4.50% preferred shares. DBRS has assigned a rating of Pfd-3 to the preferred shares, which are now in the amount of $300 million. The trend is Stable.

The preferred shares are cumulative five-year rate reset preferred shares with an initial dividend rate of 4.50%. This share issuance was initiated by Shaw today for settlement on or around May 31, 2011. The shares will be issued by way of supplement to Shaw’s base shelf prospectus dated November 18, 2010.

DBRS expects Shaw to use the proceeds from this issue for general corporate purposes, including the financing/repayment of debt obligations.

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

The applicable methodologies are Rating the Communications Industry and Rating the Television Broadcasting Industry, which can be found on our website under Methodologies.