Rogers Telecom gets tenders for $200.9 million 10 5/8% notes due 2008

By Jennifer Chiou

New York, Sept. 28 - Rogers Communications Inc.'s wholly owned subsidiary Rogers Telecom Holdings Inc. said it received tenders from holders of $200.9 million of its $222.9 million of 10 5/8% senior secured notes due 2008.

The offer expired at 11:59 p.m. ET on Sept. 27.

As previously reported, the company received the required consent for its proposed amendments to the notes' indenture to eliminate substantially all of the restrictive covenants, events of default and related provisions.

Investors who tendered their notes by the consent deadline at 5 p.m. ET on Sept. 13 will receive a $30.00 per $1,000 principal amount consent payment.

For each $1,000 principal amount of notes, the company will pay $1,071.11, including the consent payment, 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.

Rogers Telecom previously said it 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, which announced the offer on Aug. 30, provides communications services, including home phone, wireless, long distance and IP products.

© 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.