Shaw 2010 Annual Report Download - page 92

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mortgage bonds in respect of the commercial component of the Shaw Tower. The bonds bear
interest at 6.31% compounded semi-annually and are collateralized by the property and the
commercial rental income from the building with no recourse to the Company.
Debt retirement costs
In October 2009, the Company redeemed all of its outstanding US $440,000 8.25% senior notes
due April 11, 2010, US $225 million 7.25% senior notes due April 6, 2011 and US $300 million
7.20% senior notes due December 15, 2011. The Company incurred costs of $79,488 and wrote-
off the remaining unamortized discount and finance costs of $2,097. In connection with the early
redemption of the US senior notes, the Company settled portions of the principal component of the
associated cross-currency interest rate swaps and entered into offsetting or amended agreements
with the counterparties for the remaining end of swap notional principal exchanges (see note 19).
On April 15, 2009 the Company redeemed the Videon Cablesystems Inc. $130,000 Senior
Debentures. In connection with the early redemption, the Company incurred costs of $9,161
and wrote-off the remaining unamortized fair value adjustment of $906.
On January 30, 2008, the Company redeemed its $100,000 8.54% Canadian Originated Preferred
Securities. In connection with this early redemption, the Company incurred costs of $4,272 and
wrote-off the remaining unamortized financing charges of $992.
Debt covenants
The Company and its subsidiaries have undertaken to maintain certain covenants in respect of the
credit agreements and trust indentures described above. The Company and its subsidiaries were in
compliance with these covenants at August 31, 2010.
Long-term debt repayments
Mandatory principal repayments on all long-term debt in each of the next five years and thereafter
are as follows:
$
2011 576
2012 613
2013 450,652
2014 950,694
2015 738
Thereafter 2,617,760
4,021,033
88
Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2010, 2009 and 2008
[all amounts in thousands of Canadian dollars except share and per share amounts]