Canadian telecommunications provider Rogers Communications (RCI) has unveiled plans to issue CAD 3 billion in senior notes, divided into four series. With an aggregate princiap amount of CAD 3 billion, the offering consists of CAD 500 million of 5.65 percent senior notes due 2026, CAD 1 billion of 5.7 percent senior notes due 2028, CAD 500 million of 5.8 percent senior notes due 2030, and CAD 1 billion of 5.9 percent senior notes due 2033, collectively referred to as "the Notes." Rogers announced that the net proceeds from this issuance are estimated to reach approximately CAD 2.97 billion.
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Utilising Net Proceeds
RCI intends to utilize the net proceeds for general corporate purposes, which may include the repayment of short-term debt and other borrowings. The closing of the offering of the Notes is anticipated on September 21, 2023.
"The Notes were offered, through a syndicate of agents on a private placement basis, exclusively to persons resident in a Canadian province. The Notes were not offered to investors outside of Canada, said Rogers in a statement last Thursday.
Also Read: Rogers Stores Now Offer Customer Support in Over 100 Languages
Rogers - Shaw Communications Merger
In March, Rogers completed its merger with Shaw Communications, forming a single national company with a wide range of assets. This merger united Canada's largest 5G network with a coast-to-coast wireline company offering fiber-powered internet, available to nearly 70 percent of Canadian households.
