Rogers Communications Inc. (ticker: RCI.B.TO, exchange: Toronto Stock Exchange (.TO))
News Release -
Rogers Cantel Repurchases Over US$275 Million (Approximately Cdn$410 Million) Of Notes And DebenturesTORONTO, Sept. 9 /CNW/ - ROGERS CANTEL MOBILE COMMUNICATIONS INC. today
announced that its wholly owned subsidiary Rogers Cantel Inc. (``Rogers
Cantel'') has repurchased over US$275 million (approximately Cdn$410 million)
face amount of its US dollar denominated notes and debentures using open
market transactions. Pro Forma for these repurchases, Rogers Cantel's
consolidated debt at June 30, 1999, would have been reduced by approximately
17.5 per cent.
The debt repurchase program further demonstrates Rogers Cantel's
intention of becoming an investment grade credit and follows other recent debt
reduction initiatives. These initiatives included the repayment of
approximately Cdn$194 million of the company's bank debt outstanding, and the
repayment of approximately Cdn$290 million of intercompany debt owed to Rogers
Communications Inc. Pro forma for the debt repurchases, as well as the bank
and intercompany debt repayments, Rogers Cantel's Canadian dollar equivalent
debt outstanding at June 30, 1999, of approximately Cdn$2,317 million would
have been reduced by approximately 38.4 per cent to Cdn$1,427 million.
Funds for the debt reduction initiatives have come from recent
transactions with AT&T Corp. and British Telecommunications plc. After these
debt reduction initiatives, Rogers Cantel will hold over Cdn$60 million of
cash on hand and have zero funds drawn on its bank credit line of Cdn$800
Rogers Cantel Inc. is Canada's largest wireless provider serving over two
million customers from coast to coast. Marketed under the co-brand Cantel(R)
AT&T(TM), Rogers Cantel provides a complete range of wireless solutions
including cellular, paging and Interactive Messaging, Digital PCS and wireless
data services. Rogers Cantel Inc. is wholly owned and operated by Rogers
Cantel Mobile Communications Inc., (TSE: RCM.B; NYSE:RCN). Rogers Cantel
Mobile Communications Inc. is 51% owned by Rogers Communications Inc. and
33.3% owned jointly by AT&T Corp. and British Telecommunications plc.
(R) Rogers Cantel Inc.
(TM)AT&T CORP. Used under License.
For further information: David Robinson, Vice President, Financial
Planning and Investor Relations, Rogers Communications Inc., (416) 935-3550,
firstname.lastname@example.org; Richard Harvey, Director, Investor Relations,
Rogers Communications Inc., (416) 935-3552, email@example.com