Rogers Telecom tenders for any and all 10 5/8% notes due 2008

By Jennifer Chiou

New York, Aug. 30 - Rogers Communications Inc.'s wholly owned subsidiary Rogers Telecom Holdings Inc. said it is starting a cash tender offer for any and all of its $222.9 million of 10 5/8% senior secured notes due 2008 along with a consent solicitation to amend the notes' indenture.

Proposed amendments eliminate substantially all of the restrictive covenants, events of default and related provisions.

The consent deadline is 5 p.m. ET on Sept. 13. The offer expires at 11:59 p.m. ET on Sept. 27, unless extended. Investors who tender by the consent deadline will receive a $30.00 per $1,000 principal amount consent payment.

A valid tender is considered a consent.

For each $1,000 principal amount of notes, the company will pay an amount based on the yield to the notes' first call date on Jan. 1, 2006, discounted using the yield to Dec. 31 of the 1 7/8% Treasury due Dec. 31 and 50 basis points.

Pricing will be determined at 2 p.m. ET on Sept. 13.

Rogers Telecom intends to finance the offer with funds from Rogers Communications.

Citigroup Global Markets Inc. is the dealer manager and solicitation agent (800 558-3745 or call collect 212 723-6106). Global Bondholder Services Corp. is the information agent (866 470-3800 or call collect 212 430-3774).

The Toronto company provides communications services, including home phone, wireless, long distance and IP products.

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