By Andrea Heisinger
New York, Feb. 28 - Rogers Communications Inc. priced $1 billion of senior notes (Baa1/BBB/) in two tranches on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The sale included $500 million of 3% 10-year notes sold at 99.845 to yield 3.018% with a spread of Treasuries plus 113 basis points. The notes have a make-whole call at Treasuries plus 15 bps until Dec. 15, 2022, with a par call after that date.
A $500 million tranche of 4.5% 30-year bonds was priced at 99.055 to yield 4.558% with a spread of 145 bps over Treasuries. The bonds are callable at a make-whole amount of 20 bps over Treasuries until Sept. 15, 2042, with a par call afterward.
There is a change-of-control put at 101%.
BofA Merrill Lynch and J.P. Morgan Securities LLC were the active bookrunners. Passive bookrunners were Citigroup Global Markets Inc., RBC Capital Markets LLC and TD Securities (USA) LLC.
Proceeds will be used for general corporate purposes.
The notes are guaranteed by Rogers Communications Partnership.
The wireless and cable TV company is based in Toronto.
| Issuer: | Rogers Communications Inc.
|
| Guarantor: | Rogers Communications Partnership
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC (active), Citigroup Global Markets Inc., RBC Capital Markets LLC, TD Securities (USA) LLC (passive)
|
| Co-managers: | BMO Capital Markets Corp., Scotia Capital (USA) Inc.
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 28
|
| Settlement date: | March 7
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | March 15, 2023
|
| Coupon: | 3%
|
| Price: | 99.845
|
| Yield: | 3.018%
|
| Spread: | Treasuries plus 113 bps
|
| Call: | Make-whole at Treasuries plus 15 bps to Dec. 15, 2022, par call after
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | March 15, 2043
|
| Coupon: | 4.5%
|
| Price: | 99.055
|
| Yield: | 4.558%
|
| Spread: | Treasuries plus 145 bps
|
| Call: | Make-whole at Treasuries plus 20 bps to Sept. 15, 2042, par call after
|
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