Rogers Communications says Microsoft will convert C$600 million in 5.5% convertible preferreds

By Sheri Kasprzak

New York, Oct. 17 - Rogers Communications Inc. said Microsoft R-Holdings, Inc., holder of C$600 million of its 5.5% convertible preferred stock, has agreed to convert its securities.

Last week, Rogers issued a redemption notice to the investor giving the Microsoft Corp. subsidiary the opportunity to convert the preferreds at C$35.00 each before redemption.

Rogers will issue 17,142,857 class B common shares in association with the conversion.

Based in Toronto, Rogers is a wireless communications and cable television provider.

The company's stock gained C$0.77 to close at C$47.87 on Monday.

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