Rogers Communications said it has closed its previously announced concurrent Canadian and United States financing transactions of approximately USD2.1bn.
The net proceeds of these financings will be used, together with cash on hand and other available debt, to fund 20-year licenses for two contiguous, paired blocks of lower band spectrum acquired in the recent 700 MHz spectrum auction.
Rogers said it will invest USD3.29bn to acquire this valuable spectrum that will benefit customers in both rural and urban areas. Owning two blocks of contiguous paired spectrum across virtually all key geographic markets in Canada will allow the company to deploy 20MHz of spectrum, resulting in enhanced network coverage and a better mobile video experience.
The concurrent financings consisted of USD750m of 5.00 percent senior notes due 2044, USD250m of floating rate senior notes due 2017, USD400m of 2.80 percent senior notes due 2019, and USD600m of 4.00 percent senior notes due 2024.
Rogers Communications is a diversified Canadian communications and media company. Its website is at www.rogers.com.