Shaw 2009 Annual Report Download - page 77

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9. LONG-TERM DEBT
Effective
interest rates
%
Translated
at year-end
exchange
rate
(1)
$
Adjustment for
hedged
debt and
finance costs
(1) (2)
$
Long-term
debt
repayable at
maturity
$
Translated
at year-end
exchange
rate
(1)
$
Adjustment for
hedged
debt and
finance costs
(1) (2)
$
Long-term
debt
repayable
at maturity
$
2009 2008
Corporate
Bank loans Variable –– –55,000 – 55,000
Senior notes –
Cdn $600,000 6.50% due
June 2, 2014 6.56 593,824 6,176 600,000 –– –
Cdn $400,000 5.70% due
March 2, 2017 5.72 395,646 4,354 400,000 395,196 4,804 400,000
Cdn $450,000 6.10% due
November 16, 2012 6.11 446,836 3,164 450,000 445,997 4,003 450,000
Cdn $300,000 6.15% due
May 9, 2016 6.34 291,987 8,013 300,000 291,059 8,941 300,000
US $440,000 8.25% due
April 11, 2010
(3)
7.88 481,198 161,422 642,620 465,711 176,909 642,620
US $225,000 7.25% due
April 6, 2011
(3)
7.68 245,632 110,206 355,838 237,781 118,057 355,838
US $300,000 7.20% due
December 15, 2011
(3)
7.61 327,512 149,338 476,850 317,222 159,628 476,850
Cdn $350,000 7.50% due
November 20, 2013 7.50 346,380 3,620 350,000 345,685 4,315 350,000
3,129,015 446,293 3,575,308 2,553,651 476,657 3,030,308
Other subsidiaries and entities
Videon CableSystems Inc. –
Cdn $130,000 8.15%
Senior Debentures Series
“A” due April 26, 2010 7.63 –– –131,429 (1,429) 130,000
Burrard Landing Lot 2
Holdings Partnership 6.31 21,473 101 21,574 21,963 120 22,083
21,473 101 21,574 153,392 (1,309) 152,083
Total consolidated debt 3,150,488 446,394 3,596,882 2,707,043 475,348 3,182,391
Less current portion 481,739 161,422 643,161 509 – 509
2,668,749 284,972 2,953,721 2,706,534 475,348 3,181,882
(1) Long-term debt, excluding bank loans, is presented net of unamortized discounts, finance costs, fair value
adjustment on debt and bond forward proceeds of $27,761 (2008 – $24,870). Prior to September 1, 2007,
such amounts were presented as deferred charges and deferred credits (see notes 7 and 10). Amortization for
2009 amounted to $4,466 (2008 – $3,822) of which $3,984 (2008 – $3,627) was recorded as amortization
of financing costs and $482 (2008 – $195) was recorded as interest expense.
(2) Foreign denominated long-term debt is translated at the year-end rate of 1.0950 Cdn (2008 – 1.0620 Cdn). If the
rate of translation was adjusted to reflect the hedged rates of the Company’s cross-currency interest rate agreements
(which fix the liability for interest and principal), long-term debt would increase by $418,633 (2008 – $450,478).
(3) The notes were redeemed subsequent to year end (see note 24).
Interest on long-term debt included in interest expense amounted to $237,546 (2008 –
$231,599; 2007 – $250,100). Interest expense is net of $981 (2008 – $1,950; 2007 –
$5,301) of interest income. Excess proceeds from the $600,000 senior notes issuance in March
73
Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2009, 2008 and 2007
[all amounts in thousands of Canadian dollars except share and per share amounts]