Rogers Communications Inc. priced approximately $1.59 billion in subordinated notes across U.S. and Canadian markets on Tuesday, the issuer said.
The U.S. public offering totaled $1 billion in dollar-denominated, fixed-to-fixed rate subordinated notes due 2057, divided equally into two tranches: $500 million bearing interest at 7.150% and another $500 million at 7.400%. Net proceeds from the U.S. issuance came to approximately $990 million after costs.
In a concurrent Canadian private placement, Rogers sold C$600 million in fixed-to-fixed rate subordinated notes due 2057 at a coupon of 6.000%, generating net proceeds of roughly C$595 million. Those notes were offered exclusively to persons resident in a Canadian province through a syndicate of agents and will not be registered under the U.S. Securities Act of 1933.
Rogers said it intends to use the net proceeds from both offerings to redeem or purchase in full or in part its outstanding 5.00% fixed-to-fixed rate subordinated notes due 2081 and its 5.25% fixed-to-fixed rate subordinated notes due 2082.
The U.S. notes were issued under a prospectus supplement filed with the Securities and Exchange Commission as part of an effective shelf registration statement on Form F-10 and are not being offered in Canada or to Canadian residents.
The transactions are expected to close on September 23, 2026, subject to customary closing conditions.
