[March 25, 2009] Shaw reports 11 per cent increase in digital subscribers; issuing $600M in notes Tweet (Canadian Press (delayed) Via Acquire Media NewsEdge) CALGARY _ Shaw Communications Inc. (TSX:SJR.B) said Tuesday it saw second-quarter subscriber growth in every one of its services. For the quarter ended Feb. 28, Canada's second largest cable TV services provider said its digital television subscribers grew by 11 per cent to 1.1 million, while its digital phone customers increased 7.6 per cent to 719,376. Basic cable subscribers grew by 0.2 per cent to 2.3 million, Internet customers grew by 1.6 per cent to 1.6 million and direct-to-home satellite customers increased by 0.4 per cent to 896,633. ``Our subscriber results for the quarter were strong, demonstrating the resilience of our business and strength of our strategy in the face of weaker economic conditions,'' stated chief executive and vice-chair Jim Shaw. ``Our digital growth continues to gain momentum, with a record quarterly gain of over 100,000 customers. . . . We remain on track to achieve our financial guidance for fiscal 2009, which includes generating free cash flow of at least $500 million.'' Shaw also said Tuesday that it plans to issue $600 million in senior unsecured notes that will be used for in part for debt repayment. The notes to be issued though an underwriting syndicate led by TD Securities, due 2014, will yield 6.5 per cent. The cable operator said it will use the money raised to repay the corporation's credit facility and all outstanding the Videon Cablesystems Inc. senior debentures due April 26, 2010. Shaw shares closed down a penny at $19.99 on the Toronto Stock Exchange. Copyright ? 2009 The Canadian Press [ Back To TMCnet.com's Homepage ]