Rogers Communications Inc. (ticker: RCI.B.TO, exchange: Toronto Stock Exchange (.TO))
News Release -
Rogers Closes Issuance Of Preferred SecuritiesTORONTO - ROGERS COMMUNICATIONS INC. (RCI) announced today the closing of $1.15 billion principal amount of Rogers preferred securities with an interest rate of 7.27% per annum, payable quarterly (the "Preferred Securities"). As a result, after prepaying interest on the Preferred Securities to June 30, 2003, Rogers received net proceeds of $937.5 million less fees and expenses. The Preferred Securities were issued by a single-purpose wholly owned subsidiary of RCI and were purchased by Scotia Capital. The obligations under the Preferred Securities are secured by and have recourse solely to the 25 million AT&T Canada Class B Non Voting Deposit Receipts owned by Rogers. Under Canadian GAAP the net proceeds of $937.5 million will be included as equity in Rogers financial statements.
Proceeds from the Preferred Securities are being used to repay outstanding bank debt, to assist in funding the company's ongoing capital expenditures, and for general corporate purposes.
Rogers Communications Inc. is Canada's national communications company engaged in cellular, Digital PCS, paging and data communications through Rogers AT&T Wireless; in cable television, high-speed Internet access and video retailing through Rogers Cable Inc., and in radio and television broadcasting, tele-shopping, publishing and new media businesses through Rogers Media Inc.
For more information, please contact:
Director, Investor Relations
Rogers Communications Inc.
Tel: (416) 935-3552
Fax: (416) 935-3597