Rogers Communications Inc. Announces Successful Completion of Consent Solicitations for Senior Notes to Facilitate Subsidiary Equity Investment
Rogers Communications (TSX: RCI.A, RCI.B; NYSE: RCI) has successfully received the required consents to amend indentures governing multiple series of senior notes. The amendments aim to clarify that the company's planned subsidiary equity investment is permitted and doesn't constitute a default under applicable indentures.
The consent solicitations expired on April 15, 2025, at 5:00 p.m. ET. Rogers will execute supplemental indentures for each series of notes, with consent fees to be paid upon the subsidiary equity investment's consummation, expected in Q2 2025.
The amendments cover both US and Canadian dollar-denominated notes, including those originally issued by Shaw Communications. The changes will align certain non-financial terms of Shaw Notes with other Canadian dollar-denominated Rogers notes.
Rogers Communications (TSX: RCI.A, RCI.B; NYSE: RCI) ha ottenuto con successo i consensi necessari per modificare le indenture che regolano diverse serie di obbligazioni senior. Le modifiche mirano a chiarire che l'investimento azionario previsto nella controllata è consentito e non costituisce un inadempimento ai sensi delle indenture applicabili.
Le richieste di consenso sono scadute il 15 aprile 2025 alle 17:00 ET. Rogers procederà alla stipula di indenture supplementari per ogni serie di obbligazioni, con il pagamento delle commissioni di consenso previsto al completamento dell'investimento azionario nella controllata, atteso nel secondo trimestre del 2025.
Le modifiche riguardano obbligazioni denominate sia in dollari statunitensi che canadesi, incluse quelle originariamente emesse da Shaw Communications. I cambiamenti allineeranno alcuni termini non finanziari delle obbligazioni Shaw con quelli di altre obbligazioni Rogers denominate in dollari canadesi.
Rogers Communications (TSX: RCI.A, RCI.B; NYSE: RCI) ha recibido con éxito los consentimientos necesarios para enmendar los contratos que rigen varias series de bonos senior. Las enmiendas buscan aclarar que la inversión planificada en acciones de la subsidiaria está permitida y no constituye un incumplimiento bajo los contratos aplicables.
Las solicitudes de consentimiento expiraron el 15 de abril de 2025 a las 5:00 p.m. ET. Rogers ejecutará contratos suplementarios para cada serie de bonos, y las tarifas de consentimiento se pagarán al concretarse la inversión en la subsidiaria, prevista para el segundo trimestre de 2025.
Las enmiendas abarcan bonos denominados en dólares estadounidenses y canadienses, incluyendo aquellos emitidos originalmente por Shaw Communications. Los cambios alinearán ciertos términos no financieros de los bonos Shaw con otros bonos de Rogers denominados en dólares canadienses.
Rogers Communications (TSX: RCI.A, RCI.B; NYSE: RCI)는 여러 시리즈의 선순위 채권에 관한 계약서 수정을 위한 필요한 동의를 성공적으로 받았습니다. 이번 수정은 회사가 계획 중인 자회사 지분 투자가 허용되며 해당 계약서 상의 채무불이행에 해당하지 않음을 명확히 하는 데 목적이 있습니다.
동의 요청은 2025년 4월 15일 오후 5시(동부시간)에 만료되었습니다. Rogers는 각 채권 시리즈에 대해 보충 계약서를 체결할 예정이며, 자회사 지분 투자 완료 시 동의 수수료가 지급될 예정이며, 이는 2025년 2분기로 예상됩니다.
이번 수정은 미국 달러 및 캐나다 달러 표시 채권 모두에 적용되며, 원래 Shaw Communications가 발행한 채권도 포함됩니다. 변경사항은 Shaw 채권의 일부 비재무 조건을 다른 캐나다 달러 표시 Rogers 채권과 일치시키는 내용입니다.
Rogers Communications (TSX : RCI.A, RCI.B ; NYSE : RCI) a obtenu avec succès les consentements requis pour modifier les contrats régissant plusieurs séries d'obligations senior. Ces amendements visent à clarifier que l'investissement en actions prévu dans une filiale est autorisé et ne constitue pas un défaut au regard des contrats applicables.
Les sollicitations de consentement ont expiré le 15 avril 2025 à 17h00 (heure de l'Est). Rogers signera des contrats complémentaires pour chaque série d'obligations, les frais de consentement devant être payés lors de la réalisation de l'investissement dans la filiale, prévue au deuxième trimestre 2025.
Les amendements concernent des obligations libellées en dollars américains et canadiens, y compris celles initialement émises par Shaw Communications. Ces changements aligneront certaines conditions non financières des obligations Shaw sur celles des autres obligations Rogers libellées en dollars canadiens.
Rogers Communications (TSX: RCI.A, RCI.B; NYSE: RCI) hat erfolgreich die erforderlichen Zustimmungen zur Änderung der Schuldverschreibungsbedingungen mehrerer Senior-Note-Serien erhalten. Die Änderungen sollen klarstellen, dass die geplante Beteiligungsinvestition der Tochtergesellschaft zulässig ist und keinen Verstoß gegen die geltenden Schuldverschreibungsbedingungen darstellt.
Die Zustimmungsanfragen liefen am 15. April 2025 um 17:00 Uhr ET ab. Rogers wird für jede Notenserie ergänzende Schuldverschreibungsbedingungen ausführen, wobei die Zustimmungsgebühren bei Vollzug der Beteiligungsinvestition in die Tochtergesellschaft gezahlt werden, die im zweiten Quartal 2025 erwartet wird.
Die Änderungen betreffen sowohl in US-Dollar als auch in kanadischen Dollar denominierte Schuldverschreibungen, einschließlich der ursprünglich von Shaw Communications ausgegebenen. Die Anpassungen werden bestimmte nicht-finanzielle Bedingungen der Shaw-Notes mit anderen kanadisch denominierte Rogers-Notes angleichen.
- Successful receipt of required consents for indenture amendments
- Strategic alignment of Shaw Notes terms with existing Rogers notes
- None.
Insights
Rogers Communications has successfully secured bondholder consent to amend indentures governing its extensive portfolio of notes in both USD and CAD denominations. This procedural financial maneuver specifically allows Rogers to proceed with a planned subsidiary equity investment in Q2 2025 without triggering debt covenant violations or defaults.
The successful consent solicitation represents important financial housekeeping that removes potential technical obstacles to Rogers' strategic plans. Bondholders' willingness to approve these amendments suggests they're comfortable with the company's intended investment and don't view it as substantially increasing credit risk.
The announcement lacks critical details about the planned subsidiary equity investment itself - including its size, target, and strategic purpose - making it impossible to assess its potential impact on corporate value. This appears to be a preparatory step enabling future capital deployment rather than a directly value-creating event.
From a debt management perspective, Rogers is demonstrating proactive covenant management across its complex capital structure. By aligning certain non-financial terms of the Shaw Notes (acquired in Rogers' previous acquisition of Shaw Communications) with its other Canadian dollar notes, the company is also streamlining its debt administration.
TORONTO, April 16, 2025 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) (“Rogers”) today announced that, in connection with its previously announced consent solicitations, it has received the requisite consents to amend the indentures governing each of the notes listed below (the “Notes”) as reported by the tabulation agents and as contemplated by such consent solicitations.
As a result, Rogers will execute amendments to the indentures governing the Notes to (i) unequivocally clarify that the subsidiary equity investment previously announced by Rogers is not subject to the covenant limiting debt of Rogers' subsidiaries or the other negative covenants of, and is otherwise permitted by, and does not constitute a default under, the applicable indentures and (ii) with respect to the Shaw Notes (as defined below), amend the indentures to align certain non-financial terms with the corresponding terms in the indentures governing the other Canadian dollar denominated Notes issued by Rogers.
| Series of Notes (US dollar denominated) | Series of Notes (Canadian dollar denominated) |
(1) Denotes Notes originally issued by Shaw Communications Inc. (collectively, the “Shaw Notes”)
The consent solicitations expired as of 5:00 p.m. (ET) on April 15, 2025 (the “Expiration Time”). Rogers, Rogers Communications Canada, Inc., as Guarantor, and the applicable trustee will execute supplemental indentures for each series of Notes to amend the applicable indentures as described above. Each supplemental indenture will be effective when executed, but will not become operative if the applicable consent fees are not paid to the applicable depositary or tabulation agent.
Subject to the terms and conditions of the applicable consent solicitation, Rogers will pay the applicable consent fees to the applicable depositary or tabulation agent for distribution to holders of the Notes who delivered valid consents (and did not, in the case of the US dollar denominated Notes, validly revoke such consents) prior to the Expiration Time (i) in the case of the Shaw Notes, on the earlier of the third business day following the execution of the applicable supplemental indenture and the date of consummation of the subsidiary equity investment and (ii) in the case of all other Notes, on the date of consummation of the subsidiary equity investment. The consummation of the subsidiary equity investment is expected to occur during the second quarter of 2025.
This press release is for informational purposes only and does not amend the consent solicitations, which have expired and were made solely on the terms and subject to the conditions set forth in the applicable consent solicitation statement. Further, this press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities. The consent solicitation statements do not constitute a solicitation of consents in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable securities laws. Copies of the consent solicitation statements may be obtained from D.F. King & Co., Inc., the Information and Tabulation Agent for the consent solicitations relating to the US dollar denominated Notes at (212) 269-5550 (banks and brokers), (866) 828-6934 (all others, toll free), or email at rci@dfking.com and TSX Investor Solutions Inc., the Information Agent for the consent solicitations relating to the Canadian dollar denominated Notes, at (866) 356-6140 (toll free) or email at rogersconsent@tmx.com. Any persons with questions regarding the consent solicitations relating to the US dollar denominated Notes should contact the Lead Solicitation Agents as follows:
| BofA Securities Bank of America Tower 620 South Tryon Street, 20th Floor Charlotte, North Carolina 28255 Attn: Liability Management Group Collect: (980) 387-3907 Toll Free: (888) 292-0070 Email: debt_advisory@bofa.com | RBC Capital Markets, LLC 200 Vesey Street, 8th Floor New York, NY 10281 Attn: Liability Management Group Toll-Free: +1 (877) 381-2099 Call: +1 (212) 618-7843 Email: liability.management@rbccm.com | Scotia Capital (USA) Inc. 250 Vesey Street New York, NY 10281 Attn: Debt Capital Markets Toll Free: +1 (800) 372-3930 Collect: +1 (212) 225-5559 Email: LM@scotiabank.com |
Any persons with questions regarding the consent solicitations relating to the Canadian dollar denominated Notes should contact the Lead Solicitation Agents as follows:
| Merrill Lynch Canada Inc. Brookfield Place Bay/Wellington Tower 181 Bay Street, Suite 400 Toronto, Ontario M5J 2V8 Toll-Free: (888) 292-0070 Collect: (980) 387-3907 E-Mail: debt_advisory@bofa.com | RBC Dominion Securities Inc. 200 Bay Street, Royal Bank Plaza North Tower, 2nd Floor Toronto, Ontario M5J 2W7 Attention: Liability Management Group Telephone (Local): (416) 842-6311 Telephone (Toll-Free): (877) 381-2099 E-Mail: liability.management@rbccm.com | Scotia Capital Inc. 40 Temperance Street 4th Floor Toronto, Ontario M5H 0B4 Collect: 1-416-863-7438 E-mail: LM@scotiabank.com Attention: Liability Management |
Caution Concerning Forward-Looking Statements
This news release includes “forward‐looking information” and “forward-looking statements” within the meaning of applicable securities laws (collectively, “forward-looking information”) about, among other things, the payment of the consent fees and consummation of the subsidiary equity investment.
This forward-looking information is based on a number of expectations and assumptions as of the date of this news release. Actual events and results may differ materially from what is expressed or implied by forward‐looking information if the underlying expectations and assumptions prove incorrect or our objectives, strategies or intentions change or as a result of risks, uncertainties and other factors, many of which are beyond our control, including, but not limited to, (1) we may not complete the subsidiary equity investment on the anticipated terms or at all and (2) the other risks described under the headings “About Forward Looking Information” and “Risks and Uncertainties Affecting our Business” in our management’s discussion and analysis for the year ended December 31, 2024. We are under no obligation to update or alter any statements containing forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
About Rogers Communications Inc.
Rogers is Canada’s leading communications and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For more information, please visit rogers.com or investors.rogers.com.
For more information:
Investor Relations
1-844-801-4792
investor.relations@rci.rogers.com
FAQ
When will Rogers Communications (RCI) complete its subsidiary equity investment in 2025?
What is the purpose of RCI's consent solicitation for senior notes?
When did the consent solicitation for RCI's senior notes expire?
How will RCI handle the consent fees payment for the senior notes amendments?
