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Rogers Wireless loans $1.4B to parent company

TORONTO-Canadian wireless provider Rogers Wireless Communications Inc. reported that its board of directors had approved a loan of up to $1.4 billion to parent company Rogers Communications Inc. RCI said it would use the loan with $350 million from cash on hand to repay a $1.75 billion bridge credit facility.

The credit facility was incurred in connection with RCI’s acquisition of Rogers Wireless Class B restricted voting shares that were sold earlier this year as part of AT&T Wireless Services Inc.’s divestiture of its 34-percent stake in Rogers Wireless.

Rogers Wireless said the loan will be advanced to RCI Dec. 31, 2004, and will mature Oct. 16, 2006.

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