DBRS rates Rogers notes BBB

DBRS said it assigned a provisional rating of BBB (high) to the notes issued by Rogers Communications Inc., which is rated BBB (high) and under review with negative implications. Rogers Communications Canada Inc. guarantees the notes.

Rogers is selling $1 billion of 2.95% senior notes due 2025, $1.3 billion of 3.2% senior notes due 2027, $2 billion of 3.8% senior notes due 2032, $750 million of 4.5% senior notes due 2024, $2 billion of 4.55% senior notes due 2052, C$1.25 billion of 3.1% senior notes due 2025, C$1 billion of 3.75% senior notes due 2029, C$1 billion of 4.25% senior notes due 2032 and C$1 billion of 5.25% senior notes due 2052.

Additionally, DBRS placed the rating under review with negative implications. The rating has no trend and the offering is expected to close on Friday.

The BBB (high) rating is based upon an already-outstanding series of the debt instrument, the agency said.

DBRS expects the proceeds will be used to pay a portion of the cash consideration for the acquisition of Shaw Communications Inc.’s outstanding class A and class B shares and to pay fees and expenses related to this transaction.

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