Shaw Communications Inc. Innovative Monetizations

In what has been described by the National Post as one of 1999’s “most innovative deals”, Shaw Communications Inc. closed a unique monetization transaction in November, 1999, followed by a second closing in March, 2000, for aggregate proceeds of approximately $258 million. In the transactions, Shaw monetized its equity interests in At Home Corporation by issuing and selling Shaw Variable Rate Equity Linked Exchangeable Debentures which are exchangeable into the shares of At Home Corporation owned by Shaw.

Fraser Milner in Calgary represented Shaw under the direction of Margot M. Micallef, Shaw’s general counsel. Fraser Milner’s team was comprised of David A. Spencer, William K. Jenkins, Graham W. Jones and Alan J. Currie. Shearman & Sterling (Bruce Czachor and Leslie McCallum) in Toronto provided United States securities law advice and Felesky Flynn (Brian A. Felesky and Vincent M. Bjorndahl) acted as tax counsel to Shaw.

Griffiths McBurney & Partners was the underwriter on both monetization transactions with Goodman Phillips & Vineberg in Toronto acting as their counsel. The Goodman team was comprised of Stephen Halperin, Francesca Guolo and George Dube. Osler Hoskin & Harcourt LLP (Randall Pratt) and McCarthy Tétrault (David Armstrong) represented the purchasers.

Lawyer(s)

Stephen H. Halperin David A. Spencer Alan J. Currie William K. Jenkins Randall W. Pratt Graham Jones Leslie McCallum Bruce Czachor Brian A. Felesky Francesca M. Guolo