By Devika Patel and Cristal Cody
Knoxville, Tenn., Feb. 4 – Rogers Communications Inc. offered further details, including the par price and coupon terms, about a $750 million sale of 60-year fixed-to-fixed rate subordinated notes (Baa3/BBB-/BBB-) that priced on Thursday, according to a market source.
The notes start with a 5.25% coupon, then the rate resets at Treasuries plus 359 basis points.
Initial price talk was in the 5.125% area.
The notes were sold through bookrunners BofA Securities, Inc., Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
Distribution was via Rule 144A and Regulation S. The notes were also offered in Canada.
Fixed-income investor calls were held on Wednesday.
Proceeds will be used to repay a portion of senior notes maturing this year and/or certain short-term borrowings that were used to fund, in part, the acquisition of 3500 MHz spectrum licenses in 2021.
Rogers Communications is a Toronto-based communications and media company.
| Issuer: | Rogers Communications Inc.
|
| Amount: | $750 million
|
| Issue: | Fixed-to-fixed subordinated notes
|
| Maturity: | Feb. 1, 2082
|
| Bookrunners: | BofA Securities, Inc., Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
|
| Coupon: | 5.25% starting rate, then at Treasuries plus 359 bps
|
| Price: | Par
|
| Call: | Callable after five years
|
| Trade date: | Feb. 3
|
| Settlement date: | Feb. 11
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A, Regulation S and Canada
|
| Price talk: | 5.125% area
|
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