Rogers prices $1.6B in subordinated notes to refinance older debt

Rogers Communications Inc. (TSX: RCI.A, RCI.B) (NYSE: RCI) has priced a combined offering of subordinated notes totaling approximately US$1 billion and C$600 million, according to a company statement.

The U.S. public offering consists of two series of fixed-to-fixed rate subordinated notes: US$500 million of 7.150% notes due 2057 and US$500 million of 7.400% notes due 2057. The Canadian private placement comprises C$600 million of 6.000% fixed-to-fixed rate subordinated notes, also due 2057.

Net proceeds from the U.S. offering are expected to be approximately US$990 million, while the Canadian offering is expected to generate approximately C$595 million. Rogers said it intends to use the proceeds to redeem or purchase, in full or in part, its existing 5.00% Fixed-to-Fixed Rate Subordinated Notes due 2081 and/or its 5.25% Fixed-to-Fixed Rate Subordinated Notes due 2082.

Both offerings are expected to close on September 23, 2026, subject to customary closing conditions. The U.S. notes were filed with the Securities and Exchange Commission under a shelf registration statement on Form F-10. The Canadian notes were offered exclusively to residents of Canadian provinces on a private placement basis and will not be sold outside Canada.

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