Rogers Communications (RCI-B.TO, RCI-A.TO) overnight Monday priced two public offerings.
It 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, consisting 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.
A statement said the net proceeds from the issuance of the US Notes and the issuance of the Cdn Notes will be approximately US$2.07 billion and $989 million, respectively. RCI added it expects to use the net proceeds from both offerings to repay certain of its outstanding indebtedness and/or fund a portion of the purchase price for RCI's 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 Cdn Notes are each expected to close on February 12, 2025.
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