Canadian telco Rogers Communications has priced a C$1.1bn (US$1.01bn) debt security offering, comprised of C$500m (US$486.35m) of 3% senior notes due 2017 and C$600m (US$583.66m) of 4% senior notes due 2022.
The 3% notes due 6 June 2017 were priced…
Canadian telco Rogers Communications has priced a C$1.1bn (US$1.01bn) debt security offering, comprised of C$500m (US$486.35m) of 3% senior notes due 2017 and C$600m (US$583.66m) of 4% senior notes due 2022.
The 3% notes due 6 June 2017 were priced at C$999.21 per C$1,000 to yield 3.017% per annum if held to maturity, according to a company statement.
The 4% notes due 6 June 2022 were priced at C$996.00 per C$1,000 to yield 4.049% per annum.
The notes will be issued by Rogers and guaranteed by its wholly-owned subsidiary, Rogers Communications Partnership. They are being offered in Canadian provinces via a syndicate of agents.
The offering is expected to close on about 4 June.
Rogers said it plans to use the net proceeds to repay outstanding bank debt and for general corporate purposes, which may include funding all or a part of a 37.5 stake in Maple Leaf Sports and Entertainment (MLSA).
Rogers and fellow Canadian telco Bell agreed in December 2011 to pay more than C$1bn (US$998m) for a combined 75% in MLSE. Rogers said at the time that its net cash commitment for the deal, following a planned leveraged recapitalisation of MLSE, would be C$533m (US$521m).
