Rogers Communications Inc. is tapping the U.S. and Canadian high-grade bond markets to help finance its US$16 billion takeover of Shaw Communications Inc.
The Canadian telecom company sold US$7.05 billion worth of dollar-denominated bonds in five parts, according to a person familiar with the matter. The longest portion of the offering, a 30-year security, will yield 245 basis points above Treasuries, after initial talks around 265 basis points above, said the person, who asked not to be identified as the details are private.
Rogers also sold debt in loonies on Monday. The company plans to wrap a $4.25 billion (US$3.3 billion) bond sale in four parts.
Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Royal Bank of Canada managed the U.S. sale, the person said.
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