Fitch rates Rogers notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Rogers Communications Inc.'s $750 million 5% 30-year senior notes and C$1.25 billion three-tranche senior notes offering.

The three-tranche offering includes C$250 million floating-rate three-year notes, C$400 million 2.8% five-year notes and C$600 million 4% 10-year notes. .

The outlook is negative.

Rogers intends to use the net proceeds to fund a portion of the C$3.3 billion cash investment required to acquire the 700 MHz spectrum, 20% of which is required to be paid on March 5, 2014, and the balance on April 2, 2014.

Fitch said the terms and covenants of the new debt offering are virtually the same as Rogers' existing debt. The notes are fully and unconditionally guaranteed by Rogers wholly owned subsidiary, Rogers Communications Partnership, and rank pari passu with Rogers existing unsecured senior debt.

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