Structure emerges on Rogers Wireless $2.350 billion (approximate) five-tranche deal

By Paul A. Harris

St. Louis, Nov. 15 - Structure emerged Monday on the Rogers Wireless Inc.'s $2.350 billion (approximate) five-tranche offering of bonds, according to an informed source.

The Rule 144A deal via Citigroup is expected to price on Friday.

The Toronto-based operator of Canada's largest integrated wireless voice and data network is offering the following tranches of notes:

* U.S. dollar-denominated eight-year non-call-life senior secured notes (Ba3/BB/BB+);

* U.S. dollar-denominated 10-year non-call-life fixed-rate senior secured notes (Ba3/BB/BB+);

* U.S. dollar-denominated six-year non-call-two floating-rate senior secured notes (Ba3/BB/BB+);

* U.S. dollar-denominated eight-year non-call-four fixed-rate senior subordinated notes (B2//BB-); and,

* Canadian dollar-denominated seven-year non-call-life fixed-rate senior secured notes (Ba3/BB/BB+).

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.