Rogers Communications Inc. priced a $750 million U.S. public offering of fixed‑to‑fixed rate subordinated notes due 2056 and a $1.25 billion Canadian private placement of fixed‑to‑fixed rate subordinated notes due 2056 on March 24, 2026. The U.S. notes carry a 6.875% fixed rate and were issued under a prospectus supplement filed with the U.S. Securities and Exchange Commission, while the Canadian notes carry a 6.25% fixed rate and were offered exclusively to Canadian residents through a private placement syndicate. Both offerings are expected to close on March 27, 2026.
The net proceeds from the U.S. offering are projected to be approximately $740 million, and the Canadian offering is expected to generate about $1.24 billion. Rogers stated that the proceeds will be used to repay outstanding indebtedness, a move that aligns with its ongoing deleveraging strategy. As of March 25, 2026, the company’s total debt stood at $32.7 billion, with a debt‑to‑equity ratio of 2.52 and a debt leverage ratio of 4.0, down from 4.5 in 2025.
By issuing long‑dated subordinated notes, Rogers locks in funding costs for the next 30 years, reducing refinancing risk and preserving capital structure flexibility. The subordinated status places these notes below senior debt, allowing Rogers to offer higher coupon rates while keeping senior lenders protected. The proceeds will help the company reduce leverage, support future investments in its converged infrastructure and media assets, and potentially free up capital for strategic initiatives such as monetizing its stake in the Maple Leaf Sports & Entertainment (MLSE) portfolio.
The transaction is part of a broader capital‑management program that began with a $7 billion equity investment from Blackstone and other investors in April 2025, which was used to repay debt and lower leverage. Rogers’ management has emphasized that the new notes are a continuation of this deleveraging effort, aimed at returning the debt leverage ratio to pre‑Shaw acquisition levels and maintaining a healthy balance sheet as the company navigates a competitive telecommunications and media landscape.
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