Rogers Communications Inc. (ticker: RCI.B.TO, exchange: Toronto Stock Exchange (.TO))
News Release -
11-Aug-1999
Rogers Communications Receives $600 Million from MicrosoftTORONTO, Aug. 11 /CNW/ - Rogers Communications Inc. (``RCI'') today
announced that it has closed the financial investment component of the July
12th, 1999 agreement with Microsoft Corp. Under the terms of the arrangement,
Microsoft agreed to purchase CDN $600 million of RCI 5.5 per cent convertible
preferred securities. The preferred securities are convertible into RCI Class
B shares at a conversion price of CDN $35 per share. The coupon on the
preferred securities is payable at RCI's option in cash, Class B shares or
additional preferred securities. In addition, Microsoft has today received
5.33 million three-year warrants to purchase RCI Class B shares at an exercise
price of CDN $35 per share.
Rogers Communications Inc. (Toronto ``RCI.A'' and ``RCI.B''; NYSE ``RG'')
is Canada's national communications company engaged in cellular, Digital PCS,
paging and data communications through its subsidiary, Rogers Cantel Mobile
Communications Inc; in cable television, high-speed Internet access, and video
retailing through its wholly-owned subsidiary, Rogers Cablesystems Limited;
and in radio and television broadcasting, tele-shopping, publishing and new
media businesses through its wholly owned subsidiary, Rogers Media Inc.
For further information: For more information from Rogers
Communications, analysts and investors only: David Robinson, vice president,
Financial Planning and Investor Relations, (416) 935-3550,
drobinso@rci.rogers.com; Richard Harvey, director, Investor Relations,
(416) 935-3552, rharvey@rci.rogers.com; For more information from Rogers
Communications, press only: Jan Innes, vice president, Communications,
(416) 935-3525
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Rogers Communications Inc.
