TORONTO-Canadian wireless provider Rogers Wireless Communications Inc. said its Rogers Wireless Inc. subsidiary is launching a $2.35 billion private placement of fixed and floating rate senior secured notes and fixed rate senior subordinated notes.
RWI said it expects to use proceeds for the offering to make a $1.46 billion capital payment to RWCI; repay a $709 million inter-company subordinated debt owed to RWCI parent company Rogers Communications Inc. incurred as part of RWI’s $1.1 billion acquisition of Microcell Telecommunications Inc.; and repay a portion of the outstanding advanced under its amended bank credit facility that was also part of the Microcell acquisition.
RWI also announced plans to enhance wireless coverage in Prince Edward Island. The enhanced network coverage will be deployed by Ericsson Canada and include a $500,000 contribution from both companies during the next four years to the Technology Center Development Fund for wireless research and development in PEI.<p
