Published on 4/23/2019 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Rogers Communications sells $1.25 billion 30-year notes, C$1 billion 10-year notes
By Cristal Cody
Tupelo, Miss., April 23 – Rogers Communications Inc. sold $1.25 billion of 4.35% 30-year senior notes at a Treasuries plus 140 basis points spread on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB+/BBB+) priced at 99.667 to yield 4.37%.
J.P. Morgan Securities LLC, BofA Merrill Lynch, TD Securities (USA) LLC, Citigroup Global Markets Inc., Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC were the bookrunners.
In addition, Rogers Communications sold C$1 billion of 3.25% senior notes due 2029 (Baa1/BBB+/BBB+) on Tuesday. Final pricing details were not immediately available.
The dollar- and Canadian dollar-denominated notes are guaranteed by Rogers Communications Canada Inc.
Proceeds from both deals 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: | $1.25 billion and C$1 billion
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| Trade date: | April 23
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: BBB+
|
|
|
| 10-year notes
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| Amount: | C$1 billion
|
| Description: | Senior notes
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| Maturity: | 2029
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| Coupon: | 3.25%
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| Distribution: | Canada
|
|
|
| 30-year notes
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| Amount: | $1.25 billion
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| Description: | Senior notes
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| Maturity: | May 1, 2049
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| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, TD Securities (USA) LLC, Citigroup Global Markets Inc., Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | BMO Capital Markets Corp., CIBC World Markets Corp., Mizuho Securities USA Inc., MUFG, National Bank of Canada Financial Inc., RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc.
|
| Coupon: | 4.35%
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| Price: | 99.667
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| Yield: | 4.37%
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| Spread: | Treasuries plus 140 bps
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| Call feature: | Make-whole call before Nov. 1, 2048 at greater of par or Treasuries plus 25 bps; thereafter at par
|
| Settlement date: | April 30
|
| Distribution: | SEC registered
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