Rogers M&A bond consent gains traction as challenge fizzles
The Toronto-based cable and wireless firm is seeking approval from creditors holding eight series of bonds in dollars and loonies to extend the deadline to complete its acquisition of Shaw Communications Inc. to December 2023. Under the current terms, Rogers has to repay the securities at 101 cents on the dollar if the $20-billion deal isn’t done by the end of this year.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
The Rogers purchase of Shaw has been delayed by Canada’s antitrust regulator, which has sued to block it, arguing that it will damage competition in a telecommunications sector that’s already dominated by a handful of large companies. Rogers and Shaw have agreed to sell most of Shaw’s wireless business to Quebecor Inc. to address those concerns, but the case appears headed to a hearing at the Competition Tribunal, Canada’s merger court.
Representatives for Rogers, Houlihan, Akin and the Credit Roundtable weren’t immediately available for comment. Investors in the U.S. notes would initially be paid a consent fee ranging from US$23.50 to US$62.60 per US$1,000 in face value. They can receive additional fees of US$11.45 to US$31 if the merger doesn’t close by Dec. 31 and Rogers isn’t forced to repay the notes at that time. Owners of the Canadian notes are eligible for similar fees.Article content
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Man sentenced to 10 years for the deaths of two Metis hunters in AlbertaA jury found Roger Bilodeau guilty of two counts of manslaughter in May
Read more »
Catfight at Rogers Centre leaves woman seriously injured: ReportThere was both baseball and a basebrawl at the Rogers Centre on Friday night.
Read more »
Catfight at Rogers Centre leaves woman seriously injured: ReportThere was both baseball and a basebrawl at the Rogers Centre on Friday night.
Read more »
Fight at Rogers Centre leaves woman seriously injured: ReportThere was both baseball and a basebrawl at the Rogers Centre on Friday night.
Read more »
Jennifer Lopez slams theft of wedding footageJennifer Lopez claims footage from her singing at her wedding to Ben Affleck was \u0022stolen without our consent.\u0022
Read more »
Jennifer Lopez slams theft of wedding footageJennifer Lopez claims footage from her singing at her wedding to Ben Affleck was \u0022stolen without our consent.\u0022
Read more »