Wednesday, communications and media company Rogers Communications Inc. (RCI) said it priced a US$1.75 billion underwritten public offering of debt securities, consisting of US$1.4 billion aggregate principal amount of 6.800% senior notes due 2018 and US$350 million aggregate principal amount of 7.500% senior notes due 2038. The sale is expected to close on August 6.
The net proceeds of about US$1.73 billion are expected to be used for general corporate purposes, including to pay down a portion of outstanding debt, the Toronto, Canada headquartered company noted.
The debt securities will be issued by RCI and guaranteed by two of its wholly owned subsidiaries, Rogers Wireless Partnership and Rogers Cable Communications Inc. The company has filed a shelf registration statement with the SEC for this offering.
Citi and J.P. Morgan Securities Inc. are joint book-running managers for the offering.
RCI rose $0.51 or 1.49% and closed Wednesday's regular trading session at $34.64. After hours, RCI advanced further $0.06 or 0.17% and traded at $34.70.
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