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Rogers Sells C$2 Billion Hybrid Notes After Spending Spree

  • Offering could help protect the company’s debt ratios
  • Orders from 83 investors total 2.75 times size of sale
Rogers Turmoil Deepens As Deposed Chair Vows To Take Control
Photographer: Cole Burston/Bloomberg
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Rogers Communications Inc. sold C$2 billion ($1.4 billion) of hybrid securities, a funding strategy that blends characteristics of debt and equity and may help the company preserve its credit quality. 

The Canadian cable and wireless services provider priced the notes to yield 5%, at the low end of a range proposed to investors on Tuesday, according to people with knowledge of the matter. The offering, with a 60-year maturity and a call option after five years, received orders equivalent to 2.75 times the size of the deal from 83 investors, the people said.