Rogers Wireless to price $2.35 billion equivalent four-part offering

By Paul A. Harris

St. Louis, Nov. 12 - Rogers Wireless Inc. plans to price a $2.350 billion equivalent four-tranche note offering during the Nov. 15 week, according to market sources.

The company plans to sell U.S. dollar-denominated tranches of fixed-rate and floating-rate senior secured notes (Ba3//BB+), as well as a fixed-rate tranche of senior subordinated notes (B2//BB-). In addition, Rogers Wireless intends to sell a Canadian dollar-denominated tranche of fixed-rate senior secured notes (Ba3//BB+).

Tranche sizes are yet to be determined.

Citigroup is the bookrunner for the Rule 144A deal.

Proceeds will be used to make a C$1.750 billion distribution as a return of capital to Rogers Wireless Communications Inc., to repay C$850 million of inter-company subordinated debt owed to Rogers Communications Inc., incurred in connection with Rogers Wireless' acquisition of Microcell Telecommunications Inc., and to repay a portion of the outstanding advances under Rogers Wireless' amended credit facility, also incurred in connection with the Microcell acquisition.

The issuer is a subsidiary of Rogers Wireless Communications Inc., which operates Canada's largest integrated wireless voice and data network.

Rogers Wireless Communications subsidiary Rogers Cable Inc. is concurrently in the market with a $420 million note offering.

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