Benzinga | Dec 9, 2021 09:46PM EST

Rogers Communications Raises C$2B Via Private Debt Offering

* Rogers Communications Inc (NYSE:RCI) priced C$2 billion 5.0% fixed-to-fixed rate subordinated notes due 2081 in a private Canadian offering. The net proceeds from the note issue will be C$1.98 billion.

* RCI will utilize the proceeds to fund a portion of the cash investment required to acquire the 3500 MHz spectrum licenses awarded following the ISED's spectrum auction earlier this year.

* The sale of the Notes will likely close on December 17.

* Rogers is a wireless service provider in Canada, with more than 10 million subscribers, equating to one-third of the total Canadian market.

* Rogers held C$15.2 billion in long-term debt as of September 30.

* Price Action: RCI shares traded lower by 0.22% at $46.35 in the premarket session on the last check Thursday.