Rogers Communications Inc. Announces Pricing of Public Offering of US$750 million Fixed-to-Fixed Rate Subordinated Notes and Canadian Private Placement of Cdn$1.25 billion Fixed-to-Fixed Rate Subordinated Notes

Rogers Communications (NYSE: RCI; TSX: RCI.A, RCI.B) priced two subordinated note offerings due 2056: a US$750 million public issue at 6.875% and a C$1.25 billion Canadian private placement at 6.250%.

Rhea-AI Summary

Rogers Communications (NYSE: RCI; TSX: RCI.A, RCI.B) priced two subordinated note offerings due 2056: a US$750 million public issue at 6.875% and a C$1.25 billion Canadian private placement at 6.250%. Net proceeds are about US$740 million and C$1.24 billion. The company expects to use proceeds to repay certain outstanding indebtedness and expects both closings on March 27, 2026.

Positive

• Raises US$750 million and C$1.25 billion in long‑dated subordinated debt
• Net proceeds of approximately US$740 million and C$1.24 billion to repay outstanding indebtedness
• Fixed coupons lock funding cost at 6.875% (US Notes) and 6.25% (Cdn Notes) through 2056

Negative

• Adds long‑dated subordinated debt with significant coupons potentially raising interest expense
• Subordinated status may limit recovery priority versus senior creditors in stress scenarios

Argus Mar 25 session

+0.83% close to close Open Argus

Details

News Market Reaction – RCI

On Mar 25, the first trading day after this news, RCI closed 0.83% above the previous close.

Data tracked by StockTitan Argus for the Mar 25 session.

Key Figures

US Notes principal: US$750 million Cdn Notes principal: Cdn$1.25 billion US Notes coupon: 6.875% +5 more

US Notes principal

US$750 million

6.875% fixed-to-fixed rate subordinated notes due 2056

Cdn Notes principal

Cdn$1.25 billion

6.250% fixed-to-fixed rate subordinated notes due 2056

US Notes coupon

6.875%

Fixed-to-fixed rate subordinated notes due 2056

Cdn Notes coupon

6.250%

Fixed-to-fixed rate subordinated notes due 2056

US net proceeds

US$740 million

Estimated net proceeds from US Notes issuance

Cdn net proceeds

Cdn$1.24 billion

Estimated net proceeds from Cdn Notes issuance

Maturity date

2056

Both US and Cdn subordinated notes due year 2056

Expected closing date

March 27, 2026

Expected close for both US and Canadian offerings

Previous Private placement,offering Reports

1 past event · Latest: Feb 10

Same Type 1 event

1. Feb 10

   Debt offering

   24h Move

   +1.7%

   US$2.1B U.S. notes and Cdn$1.0B notes priced for debt repayment and acquisition.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

fixed-to-fixed rate subordinated notes, private placement, prospectus supplement, shelf registration statement, +1 more

5 terms

fixed-to-fixed rate subordinated notes financial

"US$750 million of 6.875% fixed-to-fixed rate subordinated notes due 2056"

Fixed-to-fixed rate subordinated notes are debt securities that pay one fixed interest rate for an initial period and then switch to a different fixed rate for the remaining term; they are 'subordinated' because they are lower in priority for repayment than other debt. Investors care because the two-rate structure affects income predictability and total yield, while the subordinated status raises risk of loss in a default, typically commanding higher interest as compensation.

private placement financial

"a Canadian private placement of $1.25 billion of 6.250% fixed-to-fixed rate"

A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.

prospectus supplement regulatory

"issued pursuant to a prospectus supplement and accompanying prospectus filed"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

shelf registration statement regulatory

"as part of an effective shelf registration statement on Form F-10"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

form f-10 regulatory

"effective shelf registration statement on Form F-10"

Form F-10 is a standardized prospectus document filed with Canadian securities regulators when a Canadian company offers shares or other securities to the public. It lays out the company’s business, financial results, management, and risks—like a detailed product label that helps investors compare what they’re buying and understand potential downsides. For investors, the form matters because it provides the core information needed to evaluate the safety, value and terms of a public securities offering.

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TORONTO, March 24, 2026 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX: RCI.A and RCI.B) (NYSE: RCI) (“RCI”) announced today that it has priced:

• a U.S. public offering of US$750 million of 6.875% fixed-to-fixed rate subordinated notes due 2056 (the “US Notes”); and
• a Canadian private placement of $1.25 billion of 6.250% fixed-to-fixed rate subordinated notes due 2056 (the “Cdn Notes” and, together with the US Notes, the “Notes”).

The net proceeds from the issuance of the US Notes and the issuance of the Cdn Notes will be approximately US$740 million and $1.24 billion, respectively. RCI expects to use the net proceeds from both offerings to repay certain outstanding indebtedness of RCI. The offering of the US Notes and the offering of the Cdn Notes are each expected to close on March 27, 2026.

The US Notes will be issued pursuant to a prospectus supplement and accompanying prospectus filed with the U.S. Securities and Exchange Commission (“SEC”) as part of an effective shelf registration statement on Form F-10. These documents are available at no charge by visiting EDGAR on the SEC website at www.sec.gov. A copy of the prospectus and prospectus supplement relating to the offering of the US Notes may also be obtained from RCI by contacting Investor Relations as described below. The US Notes are not being offered in Canada or to any resident of Canada.

The Cdn Notes will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws in the United States and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws. The Cdn Notes were offered exclusively to persons resident in a Canadian province, through a syndicate of agents on a private placement basis. The Cdn Notes will not be sold to investors outside of Canada.

This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Rogers Communications Inc.:
Rogers is Canada’s communications, sports and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For more information, please visit rogers.com or about.rogers.com/investor-relations.

Caution Concerning Forward-Looking Statements
This press release may include “forward‐looking information” and “forward-looking statements” within the meaning of applicable securities laws (collectively, “forward-looking information”). RCI cautions that forward‐looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A comprehensive discussion of risks associated with forward-looking information can be found in RCI’s public reports and filings, including the risks outlined in the section entitled “Risks and Uncertainties Affecting our Business” in its management’s discussion and analysis of its audited consolidated financial statements as at and for the year ended December 31, 2025, which is available under its profile at www.sedarplus.ca, and are also available at www.sec.gov, and in the section entitled “Risk Factors” in the prospectus. RCI is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking information, whether as a result of new information, future events, or otherwise.

For further information:
Investor Relations
1-844-801-4792
investor.relations@rci.rogers.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Rogers (RCI) announce about the March 2026 subordinated note offerings?

Rogers priced a US$750 million 6.875% subordinated note and a C$1.25 billion 6.25% subordinated note, both due 2056. According to the company, net proceeds will be used to repay certain outstanding indebtedness and both offerings are expected to close March 27, 2026.

How much net proceeds will Rogers (RCI) receive from the US and Canadian offerings?

Net proceeds are approximately US$740 million for the US Notes and C$1.24 billion for the Canadian Notes. According to the company, those amounts reflect estimated offering expenses and will be used to repay outstanding indebtedness.

What are the coupon rates and maturities for Rogers (RCI) 2026 subordinated notes?

The US Notes carry a fixed 6.875% coupon and the Canadian Notes carry a fixed 6.25% coupon; both mature in 2056. According to the company, the notes are fixed‑to‑fixed rate subordinated securities due 2056.

When do the Rogers (RCI) subordinated note offerings expect to close and where were they offered?

Both offerings are expected to close on March 27, 2026. According to the company, the US Notes were offered publicly in the US and the Cdn Notes were placed privately to Canadian residents only.

How will Rogers (RCI) use the funds from the March 2026 note issuances?

Rogers intends to use net proceeds to repay certain outstanding indebtedness. According to the company, the issuances are intended to refinance existing obligations rather than fund new operations or dividends.