By Paul A. Harris
St. Louis, Nov. 9 - Shaw Communications Inc. priced an upsized C$450 million issue of seven-year senior notes (Ba2/BB+) at par to yield 6.10%, a syndicate source said Wednesday.
The yield came at the tight end of the 6.20% area price talk.
TD Securities was the bookrunner. The co-managers were RBC Capital Markets, CIBC World Markets, National Bank Financial Group and Scotia Capital.
Proceeds will be used for debt repayment, including the redemption of the company's $172.5 million 8½% series Canadian Originated Preferred Securities, and for working capital purposes.
Shaw Communications is a Calgary, Alberta-based diversified communications company whose core business is providing broadband cable television, internet, digital phone, telecommunications services (through Big Pipe Inc.) and satellite direct-to-home services (through Star Choice Communications Inc.) to about 3 million customers.
| Issuer: | Shaw Communications Inc.
|
| Amount: | C$450 million (increased from C$300 million)
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| Maturity: | Nov. 16, 2012
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| Security description: | Senior notes
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| Bookrunner: | TD Securities
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| Co-managers: | RBC Capital Markets, CIBC World Markets, National Bank Financial Group, Scotia Capital
|
| Coupon: | 6.10%
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| Price: | Par
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| Yield: | 6.10%
|
| Spread: | 215 basis points
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Price talk: | 6.20% area
|
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