Shaw 2012 Annual Report Download - page 96

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2012 and 2011
[all amounts in millions of Canadian dollars except share and per share amounts]
13. LONG-TERM DEBT
2012 2011
September 1,
2010
Effective
interest
rates
Long-term
debt at
amortized
cost(1)
Adjustment
for
finance
costs(1)
Long-term
debt
repayable at
maturity
Long-term
debt at
amortized
cost(1)
Adjustment
for
finance
costs(1)
Long-term
debt
repayable
at maturity
Long-term
debt at
amortized
cost(1)
%$ $ $ $ $ $ $
Corporate
Cdn senior notes-
6.10% due November 16, 2012(2) 6.11 450 – 450 449 1 450 448
7.50% due November 20, 2013 7.50 349 1 350 348 2 350 347
6.50% due June 2, 2014 6.56 598 2 600 596 4 600 595
6.15% due May 9, 2016 6.34 295 5 300 294 6 300 293
5.70% due March 2, 2017 5.72 397 3 400 397 3 400 396
5.65% due October 1, 2019 5.69 1,242 8 1,250 1,241 9 1,250 1,241
5.50% due December 7, 2020 5.55 496 4 500 495 5 500 –
6.75% due November 9, 2039 6.89 1,416 34 1,450 1,416 34 1,450 642
5,243 57 5,300 5,236 64 5,300 3,962
Other
Burrard Landing Lot 2 Holdings
Partnership 6.31 20 – 20 21 – 21 21
Total consolidated debt 5,263 57 5,320 5,257 64 5,321 3,983
Less current portion(2) 451 – 451 1– 1 1
4,812 57 4,869 5,256 64 5,320 3,982
(1) Long-term debt is presented net of unamortized discounts, finance costs and bond
forward proceeds of $57 (August 31, 2011 – $64; September 1, 2010 – $38).
(2) Current portion of long-term debt includes the 6.10% senior notes which were repaid on
November 16, 2012 and the amount due within one year on the Partnership’s mortgage
bonds.
Corporate
Bank loans
During the current year, a syndicate of banks provided the Company with an unsecured $1
billion credit facility which includes a maximum revolving term facility of $50 and matures in
January 2017. The credit facility has a feature whereby the Company may request an additional
$500 of borrowing capacity so long as no event of default or pending event of default has
occurred and is continuing or would occur as a result of the increased borrowings. No lender
has any obligation to participate in the requested increase unless it agrees to do so at its sole
discretion. This facility replaces the prior credit and operating loan facilities which were
scheduled to mature in May 2012. Funds are available to the Company in both Canadian and
US dollars. At August 31, 2012, $1 has been drawn as committed letters of credit against the
revolving term facility. Interest rates fluctuate with Canadian prime and bankers’ acceptance
rates, US bank base rates and LIBOR rates. The effective interest rate on the operating and
revolving term facilities for 2012 was 3% (2011 – 2.99%). The effective interest rate on actual
borrowings under the prior credit facility during 2011 was 2.59%. Excluding the revolving term
facility, no amounts were borrowed under either the new or prior credit facilities during 2012.
92