Rogers Communications is seeking consent from note holders to clarify subsidiary equity investment terminology.
From GlobeNewswire: 2025-04-04 07:17:00
Rogers Communications Inc. has started consent solicitations to amend indentures governing certain outstanding US and Canadian dollar-denominated notes, including those originally issued by Shaw Communications Inc. The purpose is to clarify that a subsidiary equity investment does not constitute debt under the indentures. The consent solicitations will expire on April 15, 2025, and holders of record as of April 3, 2025, are eligible to participate. The consent fees for valid consents range from US$1 to CAD$1, depending on the principal amount of the notes. The subsidiary equity investment will be reported as equity in Rogers’ financial statements and is expected to be considered an equity investment by rating agencies.
The adoption of proposed amendments, including clarifications regarding the subsidiary equity investment, will require majority consent from holders of each series of notes. Rogers may terminate, extend, or amend the consent solicitations at its discretion. Holders of notes as of the record date who deliver valid consents by the expiration time will be eligible to receive consideration. Payment of consent fees is subject to certain conditions, including receipt of requisite consents and completion of the subsidiary equity investment. The consent solicitations are being made solely based on the terms outlined in the consent solicitation statements.
Rogers is seeking consent from note holders to implement clarifying amendments and align non-financial terms for Shaw Notes with other CAD notes. The Lead Solicitation Agents for the USD Consent Solicitations are BofA Securities, RBC Capital Markets, and Scotia Capital (USA) Inc. For the CAD Consent Solicitations, the Lead Solicitation Agents are Merrill Lynch Canada Inc., RBC Dominion Securities Inc., and Scotia Capital Inc. The forward-looking statements included in the press release are based on expectations and assumptions as of the release date, and actual events may differ due to various factors beyond Rogers’ control. Rogers Communications Inc. is Canada’s leading communications and entertainment company, publicly traded on the TSX and NYSE.
Read more at GlobeNewswire: Rogers Communications Inc. Announces Consent Solicitations