Canadian mobile operator Rogers Communications has announced plans to sell C$3 billion ($2.19 billion) in bond offerings to repay short-term debt and other borrowings.
The company revealed it's selling its Canadian dollar-denominated senior bond in four parts, adding that the longest portion of the offering, due for 2033, is priced at C$1 billion ($730 million) of 5.9 percent senior bonds.
"The Notes were offered, through a syndicate of agents on a private placement basis, exclusively to persons resident in a Canadian province. The Notes were not offered to investors outside of Canada," said Rogers in a statement.
Rogers completed its C$20 billion ($14.7bn) merger with Shaw Communications in March to create Canada's second-biggest carrier, despite many attempts from the Competition Bureau to block it.
The merger was originally announced in 2021 with a planned completion in 2022 but was delayed over fears it would hurt competition.
It got the green light from Minister of Innovation, Science and Industry Francois-Philippe Champagne in March, after he agreed to the transfer of wireless licenses held by Shaw's Freedom Mobile unit to Quebecor Inc. under some conditions.
The deal was able to go ahead because several conditions have been agreed upon between Rogers and the Canadian government, including the $2.11 billion sale of Shaw-owned Freedom Mobile to Quebecor-owned Videotron. This has been seen as a key element of pushing the deal forward as it allays antitrust fears, given the overlap between Rogers and Shaw's wireless divisions.
In total, Champagne has announced 21 conditions, including that Videotron should offer plans that are at least 20 percent cheaper than competitors, while it must invest $110 million to upgrade Freedom Mobile's network over the next two years.