EL7.AI
StocksMediumUpdated•Originally published 10 September 2026•Updated 10 September 2026•
2 min read

Rogers Prices US$1 Billion and C$600 Million of Subordinated Notes to Refinance 2081 and 2082 Debt

Key Facts

1The financing comprises a US$1 billion U.S. public offering and a C$600 million Canadian private placement, with all new notes due in 2057.
2Expected net proceeds are about US$990 million and C$595 million and will target the 5.00% notes due 2081 and/or the 5.25% notes due 2082.
3Both offerings are expected to close on September 23, 2026, subject to customary closing conditions.

Rogers Communications priced a US$1 billion U.S. public offering and a C$600 million Canadian private placement of subordinated notes. The fixed-to-fixed rate securities mature in 2057.

The U.S. offering comprises two tranches: US$500 million carrying an initial 7.150% coupon and US$500 million carrying an initial 7.400% coupon. The Canadian placement consists of C$600 million with an initial 6.000% coupon.

Rogers expects net proceeds of about US$990 million from the U.S. offering and C$595 million from the Canadian placement. It plans to use the funds to purchase or redeem, in whole or in part, its 5.00% subordinated notes due 2081 and/or its 5.25% subordinated notes due 2082.

Both offerings are expected to close on September 23, 2026, subject to customary conditions. The U.S. notes will be issued under a prospectus supplement and base prospectus filed with the SEC through an effective Form F-10 registration statement, while the Canadian private placement is restricted to residents of Canadian provinces.

A comparison of headline coupons shows why the transaction should not automatically be described as reducing financing costs: the new securities carry initial rates ranging from 6.000% to 7.400%, versus 5.00% and 5.25% for the targeted notes. The actual economic effect will depend on how much debt is purchased or redeemed and the terms of each security.

RCI closed at $36.44 on September 9, 2026, after trading between $36.42 and $37.01 during the session. Those daily figures alone do not establish a specific market reaction to the financing.

The next milestone is completion of both offerings on September 23, 2026, followed by clarity on how much of the 2081 and 2082 notes Rogers actually purchases or redeems. Until then, the announcement represents a refinancing plan rather than confirmation that all targeted retirements have been completed.