Monitor the company's debt-to-equity ratio and interest coverage ratio changes resulting from this issuance. Watch for any future exercise of the interest deferral option, which could signal financial stress. The ratings divergence (Negative from S&P vs Stable/Positive from others) warrants attention to potential future rating actions.
Price Chart
Executive Summary
Rogers Communications Inc. issued $750 million in 6.875% Fixed-to-Fixed Rate Subordinated Notes due 2056 through an underwritten public offering. The notes are unsecured, subordinated obligations with optional redemption rights and a deferral right for interest payments. The proceeds will be used to repay existing debt and for general corporate purposes.
Key Facts
- Rogers Communications issued $750 million in 6.875% Fixed-to-Fixed Rate Subordinated Notes due 2056
- Notes are unsecured, subordinated obligations of the company
- Interest rate is fixed at 6.875% until July 31, 2031, then resets every five years to 5-Year Treasury Rate plus 2.840% (with floor of 6.875%)
- Company has option to redeem notes at 100% of principal plus accrued interest starting 90 days before July 31, 2031
- Company may defer interest payments for up to five consecutive years
- Proceeds will be used to repay existing indebtedness and for general corporate purposes
- Notes are rated BB (Negative) by S&P, Ba1 (Stable) by Moody's, and BB (Positive) by DBRS
Financial Impact
Increases long-term debt by $750 million with interest expense of approximately $51.6 million annually (6.875% of $750 million)
Risk Factors
- Subordinated notes rank below senior debt in bankruptcy, increasing risk for note holders
- Interest rate resets in 2031 could significantly increase interest expense if Treasury rates rise
- Ability to defer interest payments for up to five years creates uncertainty in cash flow obligations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000950157-26-000438 |
| Exhibit: ex99-1.htm | 0000950157-26-000438 |
| Document: form6-k.htm | 0000950157-26-000438 |
| Document: 0000950157-26-000438-index-headers.html | 0000950157-26-000438 |
| Document: 0000950157-26-000438-index.html | 0000950157-26-000438 |
| Document: 0000950157-26-000438.txt | 0000950157-26-000438 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Apr 22, 2026 26w ago | 6-K | $37.41 $36.06 | ▼ −3.61% | ▼ −8.63% | $33.69 (−9.94%) |
Apr 22, 2026 26w ago | 6-K | $37.41 $35.15 | ▼ −6.04% | ▼ −10.82% | $33.69 (−9.94%) |
Apr 22, 2026 26w ago | 6-K | $37.41 $35.15 | ▼ −6.04% | ▼ −10.82% | $33.69 (−9.94%) |
Mar 27, 2026 30w ago | 6-K | $39.00 $39.00 | · 0.00% | ▼ −16.49% | $33.69 (−13.62%) |
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