Rogers Communications calls for redemption of 5.5% convertible preferreds

By Sheri Kasprzak

New York, Oct. 11 - Rogers Communications Inc. said it intends to redeem C$600 million in outstanding 5.5% convertible preferred stock.

The preferreds, due in August 2009, are held by Microsoft R-Holdings, Inc., a subsidiary of Microsoft Corp.

Upon notice of the redemption, Microsoft R-Holdings has 27 days in which it can convert the preferreds into 17,142,857 class B shares at C$35.00 each.

If the holder does not exercise its right to convert the preferreds, Rogers will redeem the preferred shares on Nov. 10.

Toronto-based Rogers Communications provides wireless and data communications, cable television and voice over cable telephony services.

On Tuesday, the company's class B non-voting stock closed down C$0.15 at C$47.85.

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