Rogers Communications Optimizes Senior Notes for Growth Strategies

Rogers Communications Takes Major Step in Consent Solicitation

Recently, Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) announced a significant development regarding their financial strategy. The company reported that it successfully completed consent solicitations for various series of senior notes. This decision reflects Rogers' commitment to align its fiscal responsibilities with growth opportunities associated with a recent subsidiary equity investment.

Details of the Note Amendments

The amendments to the indentures of the senior notes will facilitate enhanced flexibility for Rogers. The primary purpose of these modifications is to clarify that the subsidiary equity investment will not be constrained by existing covenants related to debt limits or other negative covenants. In simple terms, this means that the new equity investment can proceed without conflicting with Rogers' current debt agreements.

List of Senior Notes Involved

Rogers is amending terms for multiple series of senior notes, which include both U.S. dollar and Canadian dollar denominated notes. Key series involved are:

• 3.625% Senior Notes due 2025
• 5.65% Senior Notes due 2026
• 3.20% Senior Notes due 2027
• 7.50% Senior Notes due 2038
• 4.300% Senior Notes due 2048

Amendments for Shaw Notes

Additionally, the amendments will adjust specific non-financial terms within the Shaw Notes to match those of other Canadian dollar-denominated notes. This alignment ensures that the overall debt structure remains coherent and manageable across all note series.

Progress of the Consent Solicitations

The consent solicitation process concluded successfully, with the necessary consents obtained by the company's tabulation agents. With this consent in place, Rogers is set to move forward with executing supplemental indentures for each series of notes involved.

Next Steps for Consent Fees and Equity Investment

Following the closure of consent solicitations, Rogers plans to distribute consent fees to note holders who submitted valid consents. These fees will be issued depending on the terms specified in the solicitation process, particularly timed with the upcoming subsidiary equity investment completion.

Rogers anticipates that this subsidiary equity investment will significantly contribute to its growth. The company is actively preparing for the consummation of the investment, expected to occur within the forthcoming quarter.

More About Rogers Communications Inc.

As a leading telecommunications and entertainment provider in Canada, Rogers Communications has a robust portfolio of services and offerings tailored to modern consumer needs. The company has continually adapted to market changes, ensuring its shareholders remain involved and informed about its financial maneuvers, like these recent consent solicitations.

Frequently Asked Questions

What are the senior notes mentioned in the announcement?

Senior notes are a type of debt security issued by Rogers, which may include various interest rates and maturities tailored to investors' needs.

How will the amendments affect Rogers' financial flexibility?

The amendments clarify that recent investments do not breach existing covenants, thereby granting Rogers more freedom to operate and invest.

When is the expected completion of the subsidiary equity investment?

Rogers expects the subsidiary equity investment to be completed within the next quarter of the current calendar year.

What does the consent fee entail?

The consent fee is a financial incentive provided to note holders who agree to the amendments during the consent solicitation process.

How can I contact Rogers for more information?

For inquiries, reach out to Rogers' Investor Relations at 1-844-801-4792 or via email at investor.relations@rci.rogers.com.

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