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Shaw sells $57.58 million of exchangeables into Terayon to repay debt
Nashville, Tenn., Nov. 29 - Calgary, Alberta-based Shaw Communications Inc. said Thursday it has signed a private-placement deal to sell $57.58 million, or C$91,56 million, of variable-rate exchangeable debentures, which convert into Terayon common shares, with proceeds earmarked for repayment of debt and general corporate purposes.
The issue has a 25-year term and each note is exchangeable into 92.5069 common shares of Terayon Communication Systems Inc. based on an exchange price of $10.81. Shaw has the option to repay the issue in cash or Terayon stock at any time. The private placement is scheduled to close Thursday.
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