Rogers Communications Prices US$2.1 Bln Fixed-to-Fixed Rate Subordinated Notes Offering

(RTTNews) - Rogers Communications Inc. (RCI, RCI_A.TO and RCI_B.TO) announced that it has priced a U.S. public offering of two series of US dollar denominated fixed-to-fixed rate subordinated notes with an aggregate principal amount of US$2.1 billion. The notes consist of US$1.1 billion of 7.0% fixed-to-fixed rate subordinated notes due 2055 and US$1.0 billion of 7.125% fixed-to-fixed rate subordinated notes due 2055, and- a Canadian private placement of $1.0 billion of 5.625% fixed-to-fixed rate subordinated notes due 2055.

The net proceeds from the issuance of the US Notes and the issuance of the Canadian Notes will be approximately US$2.07 billion and $989 million, respectively.

RCI expects to use the net proceeds from both offerings to repay certain of outstanding indebtedness and/or fund a portion of the purchase price for RCIs pending acquisition of BCE Inc.'s indirect ownership stake in Maple Leaf Sports & Entertainment Inc. The offering of the US Notes and the offering of the Canadian Notes are each expected to close on February 12, 2025.