Shaw, E1 raising capital
Canadian media companies jump on improving economyTORONTO -- After surviving last year's stock market tsunami and tanking economy, Canadian media companies are back to raising fresh growth capital.
Shaw Communications, the western Canadian cable giant, has turned to a newly resurgent bond market to raise $1.25 billion in senior unsecured notes with a 5.692% interest rate.
Proceeds from the sale of the ten-year bonds will be used for potential acquisitions, general corporate purposes and to repay $440 million 8.25% senior notes due April 2010 and $225 million 7.25% senior notes due in April 2011.
Indie producer E1 Entertainment secured approval from shareholders to allot and issue up to $910,000 in additional share capital for possible acquisitions.
Toronto-based E1 Entertainment, which held its annual shareholders meeting in the Netherlands, said it required flexibility to pursue transactions "in an environment where potential deals are starting to become possible."