Rogers Announces Pricing of Cash Tender Offers for Canadian Dollar Debt Securities
Rogers Communications (NYSE:RCI) has announced the pricing terms for its cash tender offers to purchase outstanding Canadian dollar-denominated notes. The company has accepted for purchase C$1,204.6 million in aggregate principal amount across four note series:
- C$274.4 million of 4.25% Senior Notes due 2049 at C$872.77 per C$1,000
- C$289.7 million of 2.90% Senior Notes due 2030 at C$956.74 per C$1,000
- C$340.5 million of 3.30% Senior Notes due 2029 at C$981.51 per C$1,000
- C$300.0 million of 3.25% Senior Notes due 2029 at C$985.74 per C$1,000
The settlement date is expected on July 23, 2025. Holders will receive the total consideration plus accrued interest. Following the settlement, purchased notes will be retired and cancelled.
Rogers Communications (NYSE:RCI) ha annunciato i termini di prezzo per le sue offerte pubbliche di acquisto in contanti relative a obbligazioni denominate in dollari canadesi. La societ脿 ha accettato di acquistare un importo principale aggregato di 1.204,6 milioni di C$ suddiviso in quattro serie di obbligazioni:
- 274,4 milioni di C$ di Senior Notes al 4,25% con scadenza 2049 a C$872,77 per ogni 1.000 C$
- 289,7 milioni di C$ di Senior Notes al 2,90% con scadenza 2030 a C$956,74 per ogni 1.000 C$
- 340,5 milioni di C$ di Senior Notes al 3,30% con scadenza 2029 a C$981,51 per ogni 1.000 C$
- 300,0 milioni di C$ di Senior Notes al 3,25% con scadenza 2029 a C$985,74 per ogni 1.000 C$
La data di regolamento 猫 prevista per il 23 luglio 2025. I detentori riceveranno la somma totale concordata pi霉 gli interessi maturati. Dopo il regolamento, le obbligazioni acquistate saranno ritirate e cancellate.
Rogers Communications (NYSE:RCI) ha anunciado los t茅rminos de precio para sus ofertas p煤blicas de adquisici贸n en efectivo para comprar bonos denominados en d贸lares canadienses. La empresa ha aceptado comprar un monto principal agregado de 1.204,6 millones de C$ repartido en cuatro series de bonos:
- 274,4 millones de C$ de Senior Notes al 4,25% con vencimiento en 2049 a C$872,77 por cada 1.000 C$
- 289,7 millones de C$ de Senior Notes al 2,90% con vencimiento en 2030 a C$956,74 por cada 1.000 C$
- 340,5 millones de C$ de Senior Notes al 3,30% con vencimiento en 2029 a C$981,51 por cada 1.000 C$
- 300,0 millones de C$ de Senior Notes al 3,25% con vencimiento en 2029 a C$985,74 por cada 1.000 C$
La fecha de liquidaci贸n est谩 prevista para el 23 de julio de 2025. Los tenedores recibir谩n la consideraci贸n total m谩s los intereses acumulados. Tras la liquidaci贸n, los bonos adquiridos ser谩n retirados y cancelados.
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- 2049雲� 毵岅赴 4.25% 靹犾垳鞙� 毂勱秾 2鞏� 7,440毵� C$毳� C$1,000雼� C$872.77鞐�
- 2030雲� 毵岅赴 2.90% 靹犾垳鞙� 毂勱秾 2鞏� 8,970毵� C$毳� C$1,000雼� C$956.74鞐�
- 2029雲� 毵岅赴 3.30% 靹犾垳鞙� 毂勱秾 3鞏� 4,050毵� C$毳� C$1,000雼� C$981.51鞐�
- 2029雲� 毵岅赴 3.25% 靹犾垳鞙� 毂勱秾 3鞏� C$毳� C$1,000雼� C$985.74鞐�
瓴办牅鞚检潃 2025雲� 7鞗� 23鞚�搿� 鞓堨儊霅╇媹雼�. 氤挫湢鞛愲姅 齑� 雽�旮堦臣 氙胳旮� 鞚挫瀽毳� 氚涥矊 霅╇媹雼�. 瓴办牅 頉� 毵れ瀰頃� 毂勱秾鞚� 靸來櫂 氚� 旆唽霅╇媹雼�.
Rogers Communications (NYSE:RCI) a annonc茅 les conditions de prix de ses offres publiques d'achat en esp猫ces visant 脿 acqu茅rir des billets libell茅s en dollars canadiens. La soci茅t茅 a accept茅 d'acheter un montant principal total de 1 204,6 millions de C$ r茅parti sur quatre s茅ries de billets :
- 274,4 millions de C$ de billets Senior 脿 4,25 % 茅ch茅ant en 2049 脿 872,77 C$ pour 1 000 C$
- 289,7 millions de C$ de billets Senior 脿 2,90 % 茅ch茅ant en 2030 脿 956,74 C$ pour 1 000 C$
- 340,5 millions de C$ de billets Senior 脿 3,30 % 茅ch茅ant en 2029 脿 981,51 C$ pour 1 000 C$
- 300,0 millions de C$ de billets Senior 脿 3,25 % 茅ch茅ant en 2029 脿 985,74 C$ pour 1 000 C$
La date de r猫glement est pr茅vue pour le 23 juillet 2025. Les d茅tenteurs recevront la contrepartie totale plus les int茅r锚ts courus. Apr猫s r猫glement, les billets achet茅s seront retir茅s et annul茅s.
Rogers Communications (NYSE:RCI) hat die Preisbedingungen f眉r seine Barkaufangebote zum Erwerb ausstehender kanadisch Dollar lautender Schuldverschreibungen bekanntgegeben. Das Unternehmen hat den Kauf eines aggregierten Nennbetrags von 1.204,6 Mio. C$ 眉ber vier Anleihenserien akzeptiert:
- 274,4 Mio. C$ 4,25% Senior Notes f盲llig 2049 zu C$872,77 je 1.000 C$
- 289,7 Mio. C$ 2,90% Senior Notes f盲llig 2030 zu C$956,74 je 1.000 C$
- 340,5 Mio. C$ 3,30% Senior Notes f盲llig 2029 zu C$981,51 je 1.000 C$
- 300,0 Mio. C$ 3,25% Senior Notes f盲llig 2029 zu C$985,74 je 1.000 C$
Das Abwicklungsdatum wird voraussichtlich der 23. Juli 2025 sein. Die Inhaber erhalten die Gesamtabfindung zuz眉glich aufgelaufener Zinsen. Nach der Abwicklung werden die gekauften Schuldverschreibungen zur眉ckgezogen und annulliert.
- Strategic debt management through early retirement of multiple note series
- Potential reduction in future interest expenses through debt restructuring
- Successful tender offer with significant participation across four note series
- Premium payments required for early note retirement, ranging from C$14.26 to C$127.23 per C$1,000
- Significant cash outlay of over C$1.2 billion required for the tender offers
Insights
Rogers is repurchasing C$1.2 billion of its debt at discounted prices, potentially improving its balance sheet and reducing interest expenses.
Rogers Communications is executing a strategic debt management move by repurchasing approximately
This transaction appears to be an opportunistic refinancing effort taking advantage of current interest rate conditions. Rogers is prioritizing longer-dated maturities (2029-2049) while declining to purchase any of the offered 2027 and 2032 notes, suggesting a strategic focus on extending its debt maturity profile. By repurchasing these notes below par value, Rogers is effectively reducing its outstanding debt burden while potentially realizing accounting gains.
The tender offers are being settled quickly (July 23), indicating a well-executed process with strong banking relationships through its dealer managers (BofA, RBC, Scotia, and TD). This debt management initiative should modestly strengthen Rogers' balance sheet by reducing overall debt levels while potentially lowering future interest expenses, depending on how the purchase is financed. The transaction demonstrates proactive liability management and financial flexibility by one of Canada's largest telecommunications companies.
TORONTO, July 21, 2025 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (鈥�Rogers鈥� or the 鈥�Company鈥�) (TSX: RCI.A and RCI.B; NYSE: RCI) announced the pricing terms of its previously announced separate offers (the 鈥�Offers鈥�) to purchase for cash up to the Maximum Purchase Amount (as defined in the Offer to Purchase dated July 11, 2025 (the 鈥�Offer to Purchase鈥�), as previously amended) of its outstanding notes of the series listed in the table below (collectively, the 鈥�Notes鈥�).
The Offers
The Offers were made upon the terms and subject to the conditions set forth in the Offer to Purchase. Capitalized terms used but not defined in this news release have the meanings given to them in the Offer to Purchase.
The table below provides certain information about the Offers, including the aggregate principal amount of each series of Notes accepted by the Company for purchase pursuant to the Offers for such Notes and the Reference Yield and the Total Consideration (per
| Title of Notes(1) | Principal Amount Outstanding (in millions) | CUSIP / ISIN Nos.(1) | Reference Security | Bloomberg Reference Page | Reference Yield(2) | Fixed Spread (Basis Points)(2) | Total Consideration for Accepted Notes(3) | Principal Amount Accepted (in millions) | |
Notes due 2049 | C | 775109CR0 / CA775109CR06 | FIT CAN0-50 | +135 | C | C | |||
Notes due 2030 | C | 775109CS8 / CA775109CS88 | FIT CAN0-50 | +70 | C | C | |||
Notes due 2029 | C | 775109CQ2 / CA775109CQ23 | FIT CAN0-50 | +75 | C | C | |||
Notes due 2029 | C | 775109BJ9 / CA775109BJ98 | FIT CAN0-50 | +70 | C | C | |||
Notes due 2032 | C | 775109BV2 / CA775109BV27 | FIT CAN0-50 | - | +110 | nil | nil | ||
Notes due 2027 | C | 775109BK6 / CA775109BK61 | FIT CAN0-50 | - | +73.5 | nil | nil | ||
| 听 | |||||||
| (1) | No representation is made by the Company as to the correctness or accuracy of the CUSIP number or ISIN listed in this news release or printed on the Notes. They are provided solely for convenience. | ||||||
| 听 | |||||||
| (2) | Reference Yield refers to the yield based on the bid-side price of the applicable Reference Security as specified in the table above, as quoted on the applicable Bloomberg Reference Page as of 11:00 a.m. (Eastern time) on July 21, 2025. The sum of the Reference Yield and the Fixed Spread is referred to as the 鈥�Offer Yield鈥�. | ||||||
| 听 | 听 | ||||||
| (3) | Per C | ||||||
| 听 | 听 | ||||||
Settlement
The applicable Total Consideration for each C
Following consummation of the Offer, any Notes that are purchased in the Offer will be retired and cancelled and no longer remain outstanding. All Notes not accepted for purchase by the Company will be returned without cost to the tendering Holders.
The Company has retained Merrill Lynch Canada Inc. (鈥�BofA鈥�), RBC Dominion Securities Inc. (鈥�RBC鈥�), Scotia Capital Inc. (鈥�Scotia鈥�) and TD Securities Inc. (鈥�TD鈥�) to act as joint lead dealer managers (the 鈥�Dealer Managers鈥�) for the Offers. Questions regarding the Offers should be directed to BofA at (888) 292-0070 (toll-free) or (980) 387-3907 (collect), RBC at (877) 381-2099 (toll-free) or (416) 842-6311 (local), Scotia at 1-416-863-7438 (collect) or TD at 1-866-584-2096 (toll-free) or 1-416-982-6451 (collect). You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers.
TSX Trust Company is acting as Tender Agent for the Offers. TMX Investor Solutions Inc. is acting as the Information Agent for the Offers.
Offer and Distribution Restrictions
This news release is for informational purposes only. This news release is not an offer to purchase or a solicitation of an offer to sell any Notes or any other securities of the Company or any of its subsidiaries. The Offers were made solely pursuant to the Offer to Purchase.
This news release does not constitute an offer or an invitation by, or on behalf of, us or the Dealer Managers (i) to participate in the Offers in the United States; (ii) to, or for the account or benefit of, any 鈥淯.S. person鈥� (as such term is defined in Regulation S of the U.S. Securities Act of 1933, as amended); or (iii) to participate in the Offers in any jurisdiction in which it is unlawful to make such an offer or solicitation in such jurisdiction, and such persons are not eligible to participate in or tender any securities pursuant to the Offers. The distribution of this news release may be restricted by law in certain jurisdictions. Persons into whose possession this news release comes are required by us and the Dealer Managers to inform themselves about and to observe any such restrictions. This news release, the Offer to Purchase and any other offering material or advertisements in connection with the Offers may not be used for or in connection with an offer or solicitation by or to (i) any person in the United States; (ii) any U.S. person; (iii) any person in any jurisdiction in which such offer or solicitation is not authorized; or (iv) any person to whom it is unlawful to make such offer or solicitation. Accordingly, neither this news release, the Offer to Purchase nor any other offering material or advertisements in connection with the Offers may be distributed or published, in or into the United States or any such other jurisdiction (except in compliance with any applicable rules or regulations of such other jurisdiction). Tenders will not be accepted from any Holder located or resident in the United States or from, or for the account or benefit of, U.S. persons.
Those jurisdictions where the securities or other laws require the Offers to be made by a licensed broker or dealer, the Offers shall be deemed to be made on our behalf by the Dealer Managers or one or more registered brokers or dealers licensed under the laws of such jurisdictions.
Forward-looking Information
This news release includes 鈥渇orward-looking information鈥� within the meaning of applicable Canadian securities laws (referred to herein as 鈥渇orward-looking information鈥� or 鈥渇orward-looking statements鈥�), about, among other things, the expected Settlement Date.
This forward-looking information is based on a number of expectations and assumptions as of the date of this news release. Actual events and results may differ materially from what is expressed or implied by forward鈥恖ooking information if the underlying expectations and assumptions prove incorrect or our objectives, strategies or intentions change or as a result of risks, uncertainties and other factors, many of which are beyond our control, including, but not limited to, the risks described under the headings 鈥淎bout Forward Looking Information鈥� and 鈥淩isks and Uncertainties Affecting our Business鈥� in our management鈥檚 discussion and analysis for the year ended December 31, 2024. We are under no obligation to update or alter any statements containing forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Forward-looking information is provided herein for the purpose of giving information about the proposed Offers. Readers are cautioned that such information may not be appropriate for other purposes.
About Rogers Communications Inc.
Rogers is Canada鈥檚 leading communications and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For more information, please visit rogers.com or investors.rogers.com.
For more information:
Investor Relations
[email protected]
1-844-801-4792
FAQ
What is the total amount of notes Rogers Communications (RCI) is purchasing in the tender offer?
When is the settlement date for Rogers Communications' (RCI) tender offer?
Which investment banks are acting as dealer managers for Rogers' tender offer?
What happens to the Rogers (RCI) notes after they are purchased in the tender offer?
What will holders of tendered Rogers (RCI) notes receive?
