Rogers raises $400-million debt buyback cap

Executive Summary

• Rogers Communications Inc. announced the results of its cash tender offers for various series of outstanding senior notes, successfully upsizing the offers to accept all tendered notes for three specific series and approximately $300 million of a fourth series.
• A total of $2.168 billion in aggregate principal amount of notes were validly tendered prior to the expiration on July 18, 2025.
• The company expects to accept specific principal amounts for the 4.25% notes due 2049, 2.90% notes due 2030, 3.30% notes due 2029, and a pro-rata portion of the 3.25% notes due 2029, while rejecting tenders for the 2032 and 2027 series.

Key Details

• Tender Offer Expiration: The offers expired at 5 p.m. (Eastern time) on July 18, 2025.
• Total Valid Tenders: $2,168,414,000 in aggregate principal amount of notes were validly tendered and not withdrawn.
• Upsizing Details: The maximum purchase amount was increased from $400 million to an amount sufficient to accept all tendered notes for the 2049, 2030, and 2029 (3.30%) series, plus ~$300 million of the 2029 (3.25%) series.
• Expected Accepted Principal Amounts:
  • 4.25% Senior Notes due 2049: $274.4 million.
  • 2.90% Senior Notes due 2030: $289.7 million.
  • 3.30% Senior Notes due 2029: $340.5 million.
  • 3.25% Senior Notes due 2029: $300.0 million (accepted on a pro-rata basis, subject to rounding adjustments).
  • Rejected Series: No tenders expected to be accepted for the 4.25% Senior Notes due 2032 or the 3.65% Senior Notes due 2027.
• Pricing and Settlement:
  • Pricing Date: Expected July 21, 2025, at 11 a.m. (Eastern time).
  • Settlement Date: Expected July 23, 2025 (third business day after expiration).
  • Accrued Interest: The company will pay accrued coupon payments for accepted notes.
  • Rights Cessation: Holders of accepted notes lose all holder rights, and interest ceases to accrue on the settlement date.
• Advisors:
  • Joint Lead Dealer Managers: Merrill Lynch Canada Inc. (BofA), RBC Dominion Securities Inc., Scotia Capital Inc., and TD Securities Inc.
  • Tender Agent: TSX Trust Company.
  • Information Agent: TMX Investor Solutions Inc.