Cogeco 2015 Annual Report Download - page 88

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Consolidated financial statements COGECO CABLE INC. 2015 87
On June 30, 2014, the First Lien Credit Facilities were amended. Pursuant to the amendment, US$15 million of the Term Loan A Facility
was converted into the Revolving Facility. In addition, the Revolving Facility was increased by US$35 million of which the proceeds were
used to reimburse a portion of the Term Loan B. Giving effect to this amendment, the amount available under the Revolving Facility
amounts to US$150 million. However, the combined amounts borrowed under the Term Loan A, Term Loan B and the Revolving Facility
have not changed. All other terms and conditions related to covenants, interest rates and maturity remained the same. In connection
with the amendment, transaction costs of US$0.4 million were incurred.
In connection with the acquisition of MetroCast Connecticut by Cogeco Cable's subsidiary, Atlantic Broadband, on August 20, 2015, the
First Lien Credit Facilities were amended on July 17, 2015 and such amendments became effective on the closing date of the acquisition.
Pursuant to the amendment, an incremental Term Loan A-2 Facility in an amount of US$100 million was issued for net proceeds of US
$98.3 million ($128.6 million) net of transaction costs of US$1.7 million ($2.2 million). The Term Loan A-2 Facility matures on September
3, 2019 and is subject to a quarterly fixed amortization schedule. In addition to the fixed amortization schedule, the Term Loan A-2 Facility
is subject to a prepayment percentage of excess cash flow generated during the prior fiscal year which may reduce the quarterly fixed
amortization schedule, consistent with that of the Term Loan A. Other terms and conditions related to financial covenants and interest
rates remained the same.
17. SHARE CAPITAL
A) AUTHORIZED
Unlimited number of:
Class A Preference shares, without voting rights, redeemable by the Corporation and retractable at the option of the holder at any time at
a price of $1 per share, carrying a cumulative preferential cash dividend at a rate of 11% of the redemption price per year.
Class B Preference shares, without voting rights, could be issued in series.
Multiple voting shares, 10 votes per share.
Subordinate voting shares, 1 vote per share.
B) ISSUED AND PAID
At August 31, 2015 2014
(In thousands of Canadian dollars, except number of shares) $$
15,691,100 multiple voting shares 98,346 98,346
33,533,342 subordinate voting shares (33,394,631 in 2014) 918,057 911,067
1,016,403 1,009,413
223,852 subordinate voting shares held in trust under the Incentive Share Unit Plan (259,424 in 2014) (11,322) (12,269)
54,133 subordinate voting shares held in trust under the Performance Share Unit Plan (3,463) —
1,001,618 997,144
During fiscal 2015 and 2014, subordinate voting share transactions were as follows:
Years ended August 31, 2015 2014
Number of
shares Amount Number of
shares Amount
(In thousands of Canadian dollars, except number of shares) $$
Balance, beginning of the year 33,394,631 911,067 33,205,623 903,167
Shares issued for cash under the Stock Option Plan 138,711 5,596 189,008 6,072
Share-based payment previously recorded in share-based payment
reserve for options exercised — 1,394 —1,828
Balance, end of the year 33,533,342 918,057 33,394,631 911,067