On August 31, 2001, Canadian Satellite Communications Inc. (Cancom)issued $250 million of unsecured structured notes to Scotia Capital Inc. as initial purchaser. Cancom, which owns Star Choice Communications Inc. and also runs Canada's leading satellite services business, was previously a separate public company but is now a private company, more than 99 per cent of which is owned by Shaw Communications Inc. The notes were structured to provide the noteholders with the benefit of certain support arrangements provided by Shaw as Cancom's parent.
Fraser Milner Casgrain LLP acted as counsel to Cancom and Shaw in respect of the issue under the direction of Margot Micallef, General Counsel of Shaw Communications Inc. and David Taniguchi, Legal Counsel, Corporate and Securities. The FMC team consisted of Bill Jenkins, Graham Jones and Jason Barabash. Scotia Capital was represented by James Mathers of Borden Ladner Gervais LLP, with assistance from Paul Mingay and Bindu Pendala, and Julio Arboleda, Cora Miller, Jason Francoeur and Kari Becker from the Calgary office. Barry J. Ryan, Gordon D. Baird and Rasha H. El sissi (business) of McCarthy Tétrault LLP represented Cancom's senior lending syndicate in respect of inter-creditor issues.