Shaw Communications has been refinancing debt at lower costs after swallowing the former Canwest Global Communication Corp.’s TV assets.

Calgary-based Shaw said its subsidiary Shaw Media, the successor to CW Media Holdings, Canwest Global’s holding company, has repurchased $51.6 million worth of 13.5% senior notes due 2015 that were originally issued in 2008.

Following the transaction, around US$260.3 million worth of the 2015 notes remains outstanding.

Shaw Communications earlier in December raised around $900 million from two bond issues to repay debt following the recent $2 billion acquisition of Canwest Global Communications.

As part of the Canwest Global takeover, Shaw Communications assumed around $815 million of debt belonging to CW Media Holdings.

Shaw Communications has effectively started to refinance the CW Media debt at lower overall costs to reflect the formerly bankrupt conventional and specialty TV assets now operating in financially stable ownership.