Rogers Communications (RCI) has sold $3 billion of investment-grade bonds as it seeks to refinance debt following its acquisition this past spring of former rival Shaw Communications.
The bond issue represents the largest corporate issuance this year and comes after the Toronto-based telecommunications firm acquired Shaw Communications for $20 billion.
The bonds issued were reportedly priced between 232 and 235 basis points above the Canadian government’s yield curve.
Rogers had previously agreed to a $6 billion bank facility to help fund its takeover of Shaw Communications, leaving the company saddled with debt.
The bond sale attracted 48 buyers for the three-year notes and 77 investors for the 10-year portion, according to media reports.
Rogers’ stock has declined 16% so far in 2023 and currently trades at $53.89 per share.
