Rogers Communications (RCI) said Friday it has begun consent solicitations to amend the rules governing its outstanding US dollar-denominated and Canadian dollar-denominated notes, including debt originally issued by Shaw Communications.
The solicitations are being made in connection with the subsidiary equity investment announced Friday by Blackstone (BX) and Rogers, which said it intends to use substantially all of net proceeds of the investment to repay debt.
The subsidiary investment will be reported as equity in Rogers' financial statements, and is expected to be considered an equity investment by bond rating agencies, the company said.
Because of the nature of the subsidiary equity investment, Rogers said it is seeking consent from bondholders to implement an amendment to establish that the investment is not counted toward its debt limits.
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