<SEC-DOCUMENT>0001193125-25-023687.txt : 20250211
<SEC-HEADER>0001193125-25-023687.hdr.sgml : 20250211
<ACCEPTANCE-DATETIME>20250210175208
ACCESSION NUMBER:		0001193125-25-023687
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250211
DATE AS OF CHANGE:		20250210

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROGERS COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000733099
		STANDARD INDUSTRIAL CLASSIFICATION:	CABLE & OTHER PAY TELEVISION SERVICES [4841]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-273187
		FILM NUMBER:		25606963

	BUSINESS ADDRESS:	
		STREET 1:		333 BLOOR STREET EAST
		STREET 2:		10TH FLOOR
		CITY:			TORONTO, ONTARIO
		STATE:			A6
		ZIP:			M4W 1G9
		BUSINESS PHONE:		4160353532

	MAIL ADDRESS:	
		STREET 1:		333 BLOOR STREET EAST
		STREET 2:		10TH FLOOR
		CITY:			TORONTO, ONTARIO
		STATE:			A6
		ZIP:			M4W 1G9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROGERS CABLESYSTEMS INC
		DATE OF NAME CHANGE:	19860425

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROGERS COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000733099
		STANDARD INDUSTRIAL CLASSIFICATION:	CABLE & OTHER PAY TELEVISION SERVICES [4841]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		333 BLOOR STREET EAST
		STREET 2:		10TH FLOOR
		CITY:			TORONTO, ONTARIO
		STATE:			A6
		ZIP:			M4W 1G9
		BUSINESS PHONE:		4160353532

	MAIL ADDRESS:	
		STREET 1:		333 BLOOR STREET EAST
		STREET 2:		10TH FLOOR
		CITY:			TORONTO, ONTARIO
		STATE:			A6
		ZIP:			M4W 1G9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROGERS CABLESYSTEMS INC
		DATE OF NAME CHANGE:	19860425
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed pursuant to Rule&nbsp;433 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registration Statement No.&nbsp;333-273187 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">February&nbsp;10, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Rogers
Communications Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7.000% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Subordinated
Notes due 2055 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7.125% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Subordinated
Notes due 2055 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated February 10, 2025 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following information supplements (or supersedes, to the extent that it is inconsistent therewith) the Preliminary Prospectus Supplement
dated February&nbsp;6, 2025 relating to the below described securities (the &#147;<U>Preliminary Prospectus Supplement</U>&#148;). Capitalized terms used but not defined in this pricing term sheet shall have the meaning ascribed to them in the
Preliminary Prospectus Supplement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Rogers Communications Inc. (&#147;<B>RCI</B>&#148;)</TD></TR>
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<TD VALIGN="top">Security:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.000% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Subordinated Notes due 2055 (the
&#147;<B>NC5 Notes</B>&#148;)</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">7.125% <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Subordinated Notes due 2055 (the &#147;<B>NC10 Notes</B>&#148; and, together with the NC5 Notes, the &#147;<B>Notes</B>&#148;)</P></TD></TR>
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<TD VALIGN="top">Expected Ratings*:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moody&#146;s Investors Service Inc.: Ba1 (Stable)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S&amp;P Global Ratings: BB (Stable)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fitch Ratings Ltd.: BB
(Stable)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">DBRS: BB (Stable)</P></TD></TR>
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<TD VALIGN="top">Principal Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NC5 Notes: US$1,100,000,000</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">NC10 Notes:
US$1,000,000,000</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Pricing Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February&nbsp;10, 2025</TD></TR>
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<TD VALIGN="top">Settlement Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February&nbsp;12, 2025 (T+2)</TD></TR>
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<TD VALIGN="top">Maturity Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">April&nbsp;15, 2055 for each series of Notes (the &#147;<B>Maturity Date</B>&#148;)</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Offering Price:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NC5 Notes: 100.000% of the principal amount</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">NC10 Notes: 100.000% of the principal amount</P></TD></TR>
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<TD VALIGN="top">Interest Rate:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The NC5 Notes will bear interest (i)&nbsp;from, and including, the settlement date to, but excluding, April&nbsp;15, 2030, at a rate of
7.000% per annum and (ii)&nbsp;from, and including, April&nbsp;15, 2030, to but excluding the Maturity Date the outstanding NC5 Notes will bear interest at a rate per annum equal to the <FONT STYLE="white-space:nowrap">5-Year</FONT> Treasury Rate
(subject to reset as described below) plus 2.653%; <I>provided</I>, that the interest rate during any Interest Rate Reset Period for the NC5 Notes will not reset below 7.000% (which equals the initial interest rate on the NC5 Notes).</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The NC10 Notes will bear interest (i)&nbsp;from, and including, the settlement date to,
but excluding, April&nbsp;15, 2035, at a rate of 7.125% per annum and (ii)&nbsp;from, and including, April&nbsp;15, 2035, to but excluding the Maturity Date the outstanding NC10 Notes will bear interest at a rate per annum equal to the <FONT
STYLE="white-space:nowrap">5-Year</FONT> Treasury Rate (subject to reset as described below) plus 2.620%; <I>provided</I>, that the interest rate during any Interest Rate Reset Period for the NC10 Notes will not reset below 7.125% (which equals the
initial interest rate on the NC10 Notes).</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">5-Year</FONT> Treasury Rate for computing interest on the outstanding Notes of each series from and
after the applicable Initial Interest Rate Reset Date will initially be based on such rate as of the first business day prior to the applicable Initial Interest Rate Reset Date and it will be reset on the fifth anniversary of the applicable Initial
Interest Rate Reset Date and, thereafter, on each subsequent date that is the fifth anniversary of the immediately preceding date on which such rate is reset, based on the <FONT STYLE="white-space:nowrap">5-Year</FONT> Treasury Rate as of the first
business day prior to each such fifth anniversary.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Initial Interest Rate
Reset Date</B>&#148; means April&nbsp;15, 2030, with respect to the NC5 Notes, and April&nbsp;15, 2035, with respect to the NC10 Notes.</P></TD></TR>
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<TD VALIGN="top">Interest Payment Dates:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Interest on each series of Notes will be payable semi-annually in arrears on April&nbsp;15 and October&nbsp;15 of each year (each, an &#147;<B>Interest Payment Date</B>&#148;), commencing on October&nbsp;15, 2025, subject to
deferral pursuant to the Deferral Right.</TD></TR>
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<TD VALIGN="top">Deferral Right:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">So long as no event of default has occurred and is continuing, RCI may elect, at its sole option, at any date other than an Interest Payment Date, to defer the interest payable on the Notes of any series (the &#147;<B>Deferral
Right</B>&#148;) on one or more occasions for up to five consecutive years.</TD></TR>
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<TD VALIGN="top">Day Count Convention:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months and, for any period shorter than six months, on the basis of the actual number of days elapsed per <FONT
STYLE="white-space:nowrap">30-day</FONT> month.</TD></TR>
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<TD VALIGN="top">Optional Redemption:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">RCI may, at its option, redeem the Notes of any series, in whole at any time or in part from time to time, (i)&nbsp;on any day in the period commencing on and including the date that is 60 days prior to the applicable Initial
Interest Rate Reset Date and ending on and including the applicable Initial Interest Rate Reset Date and (ii)&nbsp;after the applicable Initial Interest Rate Reset Date, on any Interest Payment Date, in each case, at a redemption price equal to 100%
of the principal amount of the Notes of the applicable series redeemed together with accrued and unpaid interest (including deferred interest, if any) thereon to, but excluding, the date fixed for
redemption.</TD></TR></TABLE>
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<TD VALIGN="top">Redemption on Tax Event or Rating Event:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">At any time within 90 days following the occurrence of a Tax Event with respect to a series of Notes, RCI may, at its option, redeem all (but not less than all) of the Notes of such series at a redemption price equal to 100% of the
principal amount thereof, together with accrued and unpaid interest (including deferred interest, if any) thereon to, but excluding, the date fixed for redemption. At any time within 90 days following the occurrence of a Rating Event, RCI may, at
its option, redeem all (but not less than all) of the Notes of any series at a redemption price equal to 102% of the principal amount thereof, together with accrued and unpaid interest (including deferred interest, if any) thereon to, but excluding,
the date fixed for redemption.</TD></TR>
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<TD VALIGN="top">CUSIP / ISIN:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NC5 Notes: 775109 DG3&nbsp;/&nbsp;US775109DG30</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">NC10 Notes: 775109 DH1&nbsp;/&nbsp;US775109DH13</P></TD></TR>
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<TD VALIGN="top">Denomination:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Notes will be issued in minimum denominations of US$2,000 and integral multiples of US$1,000 above that amount.</TD></TR>
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<TD VALIGN="top">Joint Book-Running Managers:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RBC Capital Markets,
LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scotia Capital (USA) Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wells Fargo Securities, LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CIBC World Markets Corp.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citigroup Global Markets Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">TD Securities (USA)
LLC</P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Co-Managers:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ATB Securities Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BMO Capital Markets
Corp.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">National Bank of Canada Financial Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SMBC Nikko
Securities America, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mizuho Securities USA LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">MUFG
Securities Americas Inc.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;*&#8195; * </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to
revision or withdrawal at any time. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Changes to the Preliminary&nbsp;Prospectus Supplement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&nbsp;10, 2025, RCI priced a Canadian offering of C$1,000,000,000 aggregate principal amount of 5.625% <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Subordinated Notes due 2055 (the &#147;<B>Canadian Notes</B>&#148;). The Canadian Notes will be new unsecured, subordinated obligations of RCI and will constitute the Concurrent Debt
Financing described under the heading &#147;Summary&#151;Recent Developments&#151;Concurrent Debt Financing&#148; and elsewhere in the Preliminary Prospectus Supplement. The Canadian Notes are being offered exclusively to persons in the provinces of
Canada on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities laws in each of the provinces of Canada. The offering of the Canadian Notes is not being made in the United States.
Conforming changes are deemed to be made throughout the Preliminary Prospectus Supplement to reflect the offering of the Canadian Notes. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to
which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get
these documents for free by visiting EDGAR on the SEC&#146;s website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P.
Morgan Securities LLC. toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-212-834-4533</FONT></FONT></FONT> (COLLECT), RBC Capital Markets, LLC toll-free at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-375-6829,</FONT></FONT></FONT> Scotia Capital (USA) Inc. toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-800-372-3930,</FONT></FONT></FONT> or Wells Fargo Securities, LLC toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-645-3751.</FONT></FONT></FONT>
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