On February 10, 2025, Rogers Communications Inc. (TSX: RCI.A, RCI.B; NYSE: RCI) priced a US$2.1 billion (C$3.0 billion) U.S. public offering and a C$1.0 billion private placement of fixed-to-fixed rate subordinated notes. The U.S. notes included US$1.1 billion at 7.0% and US$1.0 billion at 7.125%, both due 2055, while the Canadian notes totaled C$1.0 billion at 5.625% due 2055. Net proceeds were approximately US$2.07 billion (C$2.96 billion) and C$989 million, respectively.

The U.S. notes were issued under an SEC-registered shelf prospectus and are not being offered in Canada. The Canadian notes were privately placed to investors in Canada and will not be sold outside the country.

Rogers intends to use the funds to repay debt and partially finance its pending acquisition of BCE Inc.'s indirect stake in Maple Leaf Sports & Entertainment Inc. The offerings are set to close on February 12, 2025.

McCarthy Tétrault LLP and Skadden, Arps, Slate, Meagher & Flom LLP advised the underwriters. Davies Ward Phillips & Vineberg LLP and Cravath, Swaine & Moore LLP advised Rogers Communications.