Published on 11/1/2016 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Rogers Communications prices $500 million 2.9% 10-year notes at 125 bps spread
By Cristal Cody
Eureka Springs, Ark., Nov. 1 – Rogers Communications Inc. priced a $500 million U.S. dollar-denominated offering of 2.9% 10-year senior notes with a spread of 125 basis points over Treasuries on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB+/BBB+) priced at 98.354 to yield 3.092%.
BMO Capital Markets, J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and Scotia Capital (USA) Inc. were the bookrunners.
The notes are guaranteed by subsidiary Rogers Communications Canada Inc.
Proceeds will be used to repay a portion of outstanding advances under the company's bank credit facilities and borrowings under the securitization program that it entered into on Dec. 31, 2012. Any remaining proceeds will be used for general corporate purposes.
Rogers Communications is a Toronto-based communications and media company.
| Issuer: | Rogers Communications Inc.
|
| Guarantor: | Rogers Communications Canada Inc.
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| Amount: | $500 million
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| Description: | Senior notes
|
| Maturity: | Nov. 15, 2026
|
| Bookrunners: | BMO Capital Markets, J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Scotia Capital (USA) Inc.
|
| Co-managers: | CIBC World Markets Corp., Mizuho Securities USA Inc., MUFG, National Bank of Canada Financial Inc., RBC Capital Markets LLC, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC
|
| Coupon: | 2.9%
|
| Price: | 98.354
|
| Yield: | 3.092%
|
| Spread: | Treasuries plus 125 bps
|
| Call feature: | Make-whole call before Aug. 15, 2026 at greater of par or Treasuries plus 20 bps; callable on or after Aug. 15, 2026 at par
|
| Trade date: | Nov. 1
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| Settlement date: | Nov. 4
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| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
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| Fitch: BBB+
|
| Distribution: | SEC registered
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