Shaw 2014 Annual Report Download - page 96

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2014 and 2013
[all amounts in millions of Canadian dollars except share and per share amounts]
13. LONG-TERM DEBT
2014 2013
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
%$ $ $ $ $ $
Corporate
Cdn fixed rate senior notes-
7.50% due November 20, 2013 7.50 –– –350 – 350
6.50% due June 2, 2014 6.56 –– –599 1 600
6.15% due May 9, 2016 6.34 298 2 300 296 4 300
5.70% due March 2, 2017 5.72 398 2 400 398 2 400
5.65% due October 1, 2019 5.69 1,244 6 1,250 1,243 7 1,250
5.50% due December 7, 2020 5.55 497 3 500 496 4 500
4.35% due January 31, 2024 4.35 497 3 500 –– –
6.75% due November 9, 2039 6.89 1,417 33 1,450 1,417 33 1,450
4,351 49 4,400 4,799 51 4,850
Cdn variable rate senior notes-
Due February 1, 2016 299 1 300 –– –
4,650 50 4,700 4,799 51 4,850
Other
Burrard Landing Lot 2 Holdings Partnership 4.68 40 – 40 19 – 19
Total consolidated debt 4,690 50 4,740 4,818 51 4,869
Less current portion (2) –– –950 1 951
4,690 50 4,740 3,868 50 3,918
(1) Long-term debt is presented net of unamortized discounts and finance costs.
(2) Current portion of long-term debt at August 31, 2013 included the 7.50% senior notes,
the 6.50% senior notes and the amount due within one year on the Partnership’s
mortgage bonds.
Corporate
Bank loans
During 2012, a syndicate of banks provided the Company with an unsecured $1 billion credit
facility which includes a maximum revolving term or swingline 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. Funds are available to the Company in both Canadian and US dollars. At August 31,
2014, $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. Excluding the revolving term facility, the effective interest rate on actual
borrowings under the credit facility during 2013 was 3.49%. No amounts were drawn under the
credit facility during 2014. The effective interest rate on the revolving term facility for 2014
was 3% (2013 – 3%).
Subsequent to year end, the Company borrowed US $330 under its credit facility (see note 31).
92