Monitor the concurrent Canadian private placement of subordinated notes and any subsequent use of proceeds—if the Canadian tranche is not completed, the US$1.0 billion US tranche still stands. No immediate read-through for common equity holders; this is a liability management transaction.
Price Chart
Executive Summary
Rogers Communications Inc. priced a US$1.0 billion offering of subordinated notes in two tranches: US$500 million of 7.150% Fixed-to-Fixed Rate Subordinated Notes due 2057 (NC5) and US$500 million of 7.400% Fixed-to-Fixed Rate Subordinated Notes due 2057 (NC10), under an underwriting agreement dated September 9, 2026. The notes are subordinated obligations, rated Ba1 (Moody's, stable), BB (S&P, negative), and BB (DBRS, positive), with settlement on September 23, 2026. This is a routine debt capital markets transaction that increases Rogers' long-term subordinated debt by US$1.0 billion, with no immediate impact on common equity or operating performance.
Key Facts
- Rogers Communications issued US$500 million of 7.150% NC5 Notes and US$500 million of 7.400% NC10 Notes, both due 2057.
- The NC5 Notes bear 7.150% interest through Jan 31, 2032, then reset to 5-Year Treasury Rate plus 2.539% (floor 7.150%).
- The NC10 Notes bear 7.400% interest through Jan 31, 2037, then reset to 5-Year Treasury Rate plus 2.565% (floor 7.400%).
- Expected ratings: Moody's Ba1 (Stable), S&P BB (Negative), DBRS BB (Positive).
- Settlement date is September 23, 2026 (T+10 from pricing date September 9, 2026).
- The Company concurrently announced a Canadian offering of Fixed-to-Fixed Rate Subordinated Notes due 2057 on a private placement basis in Canada.
- The notes are subordinated to all Senior Indebtedness and include a deferral right on interest for up to five consecutive years.
- Joint book-running managers: BofA Securities, J.P. Morgan, MUFG, SMBC Nikko, and Wells Fargo.
Financial Impact
Rogers raised US$1.0 billion in subordinated debt at fixed rates of 7.150% and 7.400% for 30+ year maturities. No equity dilution. Proceeds used for general corporate purposes as described in the prospectus.
Risk Factors
- Interest rate reset risk after 2032/2037—if 5-Year Treasury Rate is lower, the floor protects the rate; if higher, interest costs rise.
- Subordination risk—in bankruptcy, noteholders are paid only after all Senior Indebtedness is paid in full.
- Deferral right—interest can be deferred for up to five years without triggering default, reducing cash flow certainty.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000950157-26-001042 |
| Exhibit: ex99-3.htm | 0000950157-26-001042 |
| Exhibit: ex99-2.htm | 0000950157-26-001042 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 6-K | $32.39 $32.34 | ▼ −0.15% | ▼ −0.86% | $31.58 (−2.49%) |
Oct 23, 2026 4d ago | 6-K | $32.39 $32.34 | ▼ −0.15% | ▼ −0.86% | $31.58 (−2.49%) |
Oct 23, 2026 4d ago | Press Release | $32.39 $32.34 | ▼ −0.15% | ▼ −0.86% | $31.58 (−2.49%) |
Oct 1, 2026 25d ago | 6-K | $30.72 $30.83 | ▲ +0.36% | ▼ −0.38% | $31.58 (+2.82%) |
Oct 1, 2026 25d ago | Press Release | $30.72 $30.83 | ▲ +0.36% | ▼ −0.38% | $31.58 (+2.82%) |
Sep 28, 2026 29d ago | Press Release | $31.43 | awaiting T+1 | — | $31.58 (+0.49%) |
Sep 23, 2026 4w ago | 6-K | $32.26 $31.91 | ▼ −1.08% | ▼ −1.63% | $31.58 (−2.09%) |
Sep 10, 2026 6w ago | 6-K | $36.09 $36.21 | ▲ +0.33% | ▼ −0.52% | $31.58 (−12.48%) |
Sep 9, 2026 6w ago | Press Release | $36.09 $36.21 | ▲ +0.33% | ▼ −0.52% | $31.58 (−12.48%) |
Jul 22, 2026 13w ago | 6-K | $32.95 $32.67 | ▼ −0.85% | ▲ +0.39% | $31.58 (−4.14%) |
US Market Status
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