Rogers Accelerates De-Leveraging Plans With Private Sale of Cogeco Shares
11 Dicembre 2023 - 10:35PM
Rogers Communications announced today the sale of all of its shares
of Cogeco to Caisse de dépôt et placement du Québec in a
private transaction for $829 million.
“This sale further demonstrates our commitment to
strengthen our investment grade balance sheet and aggressively
reduce our debt leverage ratio,” said Tony Staffieri, President and
Chief Executive Officer, Rogers. “We’re tracking six months ahead
on our deleveraging priorities and we’re committed to reducing our
debt leverage ratio even further.”
Accelerates Deleveraging PlansWith the sale of
these Cogeco shares, the Company expects to achieve a debt leverage
ratio of 4.7x by year end, compared to the expected 4.8x at
year end announced on the release of its third quarter
results. The Company’s debt leverage ratio was 4.9x at the end of
Q3. Today’s sale proceeds are in addition to the
previously announced divestiture of $1 billion in non-core
assets, predominantly real estate, that is expected to be
completed in 2024.[1]
About Rogers Communications Inc.Rogers is
Canada’s leading wireless, cable and media company that provides
connectivity and entertainment to Canadian consumers and businesses
across the country. RCI’s shares are publicly traded on the Toronto
Stock Exchange (TSX: RCI.A and RCI.B) and the New York Stock
Exchange (NYSE: RCI).
For more information:
Rogers Communications media contactSarah
Schmidt647.643.6397media@rci.rogers.com
Rogers Communications investment community
contactPaul
Carpino647.435.6470paul.carpino@rci.rogers.com
________________________[1] The debt leverage ratio
presented in this press release is a non-GAAP ratio calculated to
include the trailing 12-month adjusted EBITDA of a combined Rogers
and Shaw Communications. For more information about our debt
leverage ratio and associated financial measures, see "Financial
Condition" and "Non-GAAP and Other Financial Measures" in our Third
Quarter 2023 Management Discussion and Analysis dated November 8,
2023 (Q3 2023 MD&A), which is
available at www.sedarplus.ca and sec.gov. This
release contains "forward-looking information" within the
meaning of applicable securities laws; see “About Forward-Looking
Information” in our 2022 Annual MD&A and Q3 2023 MD&A.
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