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SHORT-TERM BORROWINGS (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial Instruments [Abstract] |
Disclosure of detailed information about borrowings |
| As at December 31
(In millions of dollars) | 2024 | 2023
Receivables securitization program | 2,000 |  | 1,600 |
US commercial paper program (net of the discount on issuance) | 452 |  | 150 |
Non-revolving credit facility borrowings | 507 |  | — |
Total short-term borrowings | 2,959 |  | 1,750 |
Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2024 and 2023.
| Year ended December 31, 2024 |  | Year ended December 31, 2023
| Notional | Exchange | Notional |  | Notional | Exchange | Notional
(In millions of dollars, except exchange rates) | (US$) | rate | (Cdn$) |  | (US$) | rate | (Cdn$)
Proceeds received from receivables securitization |  |  | 800 |  |  |  |  | — |
Repayment of receivables securitization |  |  | (400) |  |  |  |  | (1,000) |
Net proceeds received from (repayment of) receivables securitization |  |  | 400 |  |  |  |  | (1,000) |
Proceeds received from US commercial paper | 2,009 |  | 1.373 |  | 2,759 |  |  | 1,803 |  | 1.357 |  | 2,447 |
Repayment of US commercial paper | (1,819) |  | 1.371 |  | (2,494) |  |  | (1,858) |  | 1.345 |  | (2,499) |
Net proceeds received from (repayment of) US commercial paper |  |  | 265 |  |  |  |  | (52) |
Proceeds received from non-revolving credit facilities (Cdn$) |  |  | — |  |  |  |  | 375 |
Proceeds received from non-revolving credit facilities (US$) | 2,899 |  | 1.378 |  | 3,996 |  |  | 2,125 |  | 1.349 |  | 2,866 |
Total proceeds received from non-revolving credit facilities |  |  | 3,996 |  |  |  |  | 3,241 |
Repayment of non-revolving credit facilities (Cdn$) |  |  | — |  |  |  |  | (758) |
Repayment of non-revolving credit facilities (US$) | (2,547) |  | 1.383 |  | (3,523) |  |  | (2,125) |  | 1.351 |  | (2,870) |
Total repayment of non-revolving credit facilities |  |  | (3,523) |  |  |  |  | (3,628) |
Net proceeds received from (repayment of) non-revolving credit facilities |  |  | 473 |  |  |  |  | (387) |
Net proceeds received from (repayment of) short-term borrowings |  |  | 1,138 |  |  |  |  | (1,439) |
Below is a summary of the activity relating to our US CP program for the years ended December 31, 2024 and 2023.
| Year ended December 31, 2024 |  | Year ended December 31, 2023
| Notional | Exchange | Notional |  | Notional | Exchange | Notional
(In millions of dollars, except exchange rates) | (US$) | rate | (Cdn$) |  | (US$) | rate | (Cdn$)
US commercial paper, beginning of year | 113 |  | 1.327 |  | 150 |  |  | 158 |  | 1.354 |  | 214 |
Net proceeds received from (repayment of) US commercial paper | 190 |  | n/m | 265 |  |  | (55) |  | n/m | (52) |
Discounts on issuance 1 | 11 |  | 1.364 |  | 15 |  |  | 10 |  | 1.400 |  | 14 |
Loss (gain) on foreign exchange 1 |  |  | 22 |  |  |  |  | (26) |
US commercial paper, end of year | 314 |  | 1.439 |  | 452 |  |  | 113 |  | 1.327 |  | 150 |
n/m - not meaningful 1 Included in "finance costs". Below is a summary of the activity relating to our non-revolving credit facilities for the years ended December 31, 2024 and 2023.
| Years ended December 31
(In millions of dollars) | 2024 | 2023
Non-revolving credit facility, beginning of year | — |  | 371 |
Net proceeds received from (repayment of) non-revolving credit facilities | 473 |  | (387) |
Discounts on issuance 1 | — |  | 12 |
Loss on foreign exchange 1 | 34 |  | 4 |
Non-revolving credit facility, end of year | 507 |  | — |
1 Included in "finance costs".
|  |  |  |  | As at December 31
(In millions of dollars, except interest rates) | Due date |  | Principal amount | Interest rate | 2024 | 2023
Term loan facility |  |  |  | Floating | 1,001 |  | 4,286 |
Canada Infrastructure Bank credit facility | 2052 |  |  | 1.000 | % | 64 |  | — |
Senior notes | 2024 |  | 600 |  | 4.000 | % | — |  | 600 |
Senior notes 1 | 2024 |  | 500 |  | 4.350 | % | — |  | 500 |
Senior notes | 2025 | US | 1,000 |  | 2.950 | % | 1,439 |  | 1,323 |
Senior notes | 2025 |  | 1,250 |  | 3.100 | % | 1,250 |  | 1,250 |
Senior notes | 2025 | US | 700 |  | 3.625 | % | 1,007 |  | 926 |
Senior notes | 2026 |  | 500 |  | 5.650 | % | 500 |  | 500 |
Senior notes | 2026 | US | 500 |  | 2.900 | % | 718 |  | 661 |
Senior notes | 2027 |  | 1,500 |  | 3.650 | % | 1,500 |  | 1,500 |
Senior notes 1 | 2027 |  | 300 |  | 3.800 | % | 300 |  | 300 |
Senior notes | 2027 | US | 1,300 |  | 3.200 | % | 1,871 |  | 1,719 |
Senior notes | 2028 |  | 1,000 |  | 5.700 | % | 1,000 |  | 1,000 |
Senior notes 1 | 2028 |  | 500 |  | 4.400 | % | 500 |  | 500 |
Senior notes 1 | 2029 |  | 500 |  | 3.300 | % | 500 |  | 500 |
Senior notes | 2029 |  | 1,000 |  | 3.750 | % | 1,000 |  | 1,000 |
Senior notes | 2029 |  | 1,000 |  | 3.250 | % | 1,000 |  | 1,000 |
Senior notes | 2029 | US | 1,250 |  | 5.000 | % | 1,799 |  | — |
Senior notes | 2030 |  | 500 |  | 5.800 | % | 500 |  | 500 |
Senior notes 1 | 2030 |  | 500 |  | 2.900 | % | 500 |  | 500 |
Senior notes | 2032 | US | 2,000 |  | 3.800 | % | 2,878 |  | 2,645 |
Senior notes | 2032 |  | 1,000 |  | 4.250 | % | 1,000 |  | 1,000 |
Senior debentures 2 | 2032 | US | 200 |  | 8.750 | % | 288 |  | 265 |
Senior notes | 2033 |  | 1,000 |  | 5.900 | % | 1,000 |  | 1,000 |
Senior notes | 2034 | US | 1,250 |  | 5.300 | % | 1,799 |  | — |
Senior notes | 2038 | US | 350 |  | 7.500 | % | 504 |  | 463 |
Senior notes | 2039 |  | 500 |  | 6.680 | % | 500 |  | 500 |
Senior notes 1 | 2039 |  | 1,450 |  | 6.750 | % | 1,450 |  | 1,450 |
Senior notes | 2040 |  | 800 |  | 6.110 | % | 800 |  | 800 |
Senior notes | 2041 |  | 400 |  | 6.560 | % | 400 |  | 400 |
Senior notes | 2042 | US | 750 |  | 4.500 | % | 1,079 |  | 992 |
Senior notes | 2043 | US | 500 |  | 4.500 | % | 719 |  | 661 |
Senior notes | 2043 | US | 650 |  | 5.450 | % | 935 |  | 860 |
Senior notes | 2044 | US | 1,050 |  | 5.000 | % | 1,511 |  | 1,389 |
Senior notes | 2048 | US | 750 |  | 4.300 | % | 1,079 |  | 992 |
Senior notes 1 | 2049 |  | 300 |  | 4.250 | % | 300 |  | 300 |
Senior notes | 2049 | US | 1,250 |  | 4.350 | % | 1,799 |  | 1,653 |
Senior notes | 2049 | US | 1,000 |  | 3.700 | % | 1,439 |  | 1,323 |
Senior notes | 2052 | US | 2,000 |  | 4.550 | % | 2,878 |  | 2,645 |
Senior notes | 2052 |  | 1,000 |  | 5.250 | % | 1,000 |  | 1,000 |
Subordinated notes 3 | 2081 |  | 2,000 |  | 5.000 | % | 2,000 |  | 2,000 |
Subordinated notes 3 | 2082 | US | 750 |  | 5.250 | % | 1,079 |  | 992 |
|  |  |  |  | 42,886 |  | 41,895 |
Deferred transaction costs and discounts |  |  |  |  | (951) |  | (1,040) |
Deferred government grant liability |  |  |  |  | (39) |  | — |
Less current portion |  |  |  |  | (3,696) |  | (1,100) |
Total long-term debt |  |  |  |  | 38,200 |  | 39,755 |
1 Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023, see note 3. 2 Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023. 3 The subordinated notes can be redeemed at par on the five-year anniversary from issuance dates of December 2021 and February 2022 or on any subsequent interest payment date. The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2024 and 2023.
| Year ended December 31, 2024 |  | Year ended December 31, 2023
(In millions of dollars, except exchange rates) | Notional | Exchange | Notional |  | Notional | Exchange | Notional
(US$) | rate | (Cdn$) |  | (US$) | rate | (Cdn$)
Credit facility borrowings (Cdn$) |  |  | 64 |  |  |  |  | — |
Credit facility borrowings (US$) | — |  | — |  | — |  |  | 220 |  | 1.368 |  | 301 |
Credit facility repayments (US$) | — |  | — |  | — |  |  | (220) |  | 1.336 |  | (294) |
Net borrowings under credit facilities |  |  | 64 |  |  |  |  | 7 |
Term loan facility net borrowings (US$) 1 | 8 |  | n/m | 18 |  |  | 4,506 |  | 1.350 |  | 6,082 |
Term loan facility net repayments (US$) | (2,553) |  | 1.352 |  | (3,452) |  |  | (1,265) |  | 1.340 |  | (1,695) |
Net repayments under term loan facility |  |  | (3,434) |  |  |  |  | 4,387 |
Senior note issuances (Cdn$) |  |  | — |  |  |  |  | 3,000 |
Senior note issuances (US$) | 2,500 |  | 1.347 |  | 3,367 |  |  | — |  | — |  | — |
Total senior note issuances |  |  | 3,367 |  |  |  |  | 3,000 |
Senior note repayments (Cdn$) |  |  | (1,100) |  |  |  |  | (500) |
Senior note repayments (US$) | — |  | — |  | — |  |  | (1,350) |  | 1.373 |  | (1,854) |
Total senior note repayments |  |  | (1,100) |  |  |  |  | (2,354) |
Net issuance of senior notes |  |  | 2,267 |  |  |  |  | 646 |
Net (repayment) issuance of long-term debt |  |  | (1,103) |  |  |  |  | 5,040 |
1 Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.
|  | Years ended December 31
(In millions of dollars) | Note | 2024 | 2023
Long-term debt, beginning of year |  | 40,855 |  | 31,733 |
Net (repayment) issuance of long-term debt |  | (1,103) |  | 5,040 |
Long-term debt assumed | 3 | — |  | 4,526 |
Increase in government grant liability related to Canada Infrastructure Bank facility |  | (39) |  | — |
Loss (gain) on foreign exchange |  | 2,094 |  | (549) |
Deferred transaction costs incurred |  | (52) |  | (31) |
Amortization of deferred transaction costs |  | 141 |  | 136 |
Long-term debt, end of year |  | 41,896 |  | 40,855 |
Current |  | 3,696 |  | 1,100 |
Long-term |  | 38,200 |  | 39,755 |
Long-term debt, end of year |  | 41,896 |  | 40,855 |
Below is a summary of the senior notes we issued in 2024 and 2023.
(In millions of dollars, except interest rates and discounts) |  | Discount/ premium at issuance | Total gross proceeds 1 (Cdn$) | Transaction costs and discounts 2 (Cdn$)
Date issued |  | Principal amount | Due date | Interest rate
2024 issuances |  |  |  |  |  |  |
February 9, 2024 | US | 1,250 |  | 2029 | 5.000 | % | 99.714 | % | 1,684 |  | 20
February 9, 2024 | US | 1,250 |  | 2034 | 5.300 | % | 99.119 | % | 1,683 |  | 30
2023 issuances |  |  |  |  |  |  |
September 21, 2023 |  | 500 |  | 2026 | 5.650 | % | 99.853 | % | 500 |  | 3
September 21, 2023 |  | 1,000 |  | 2028 | 5.700 | % | 99.871 | % | 1,000 |  | 8
September 21, 2023 |  | 500 |  | 2030 | 5.800 | % | 99.932 | % | 500 |  | 4
September 21, 2023 |  | 1,000 |  | 2033 | 5.900 | % | 99.441 | % | 1,000 |  | 12
1 Gross proceeds before transaction costs, discounts, and premiums. 2 Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.
Disclosure of detailed information about accounts receivable securitization program |
| As at December 31
(In millions of dollars) | 2024 | 2023
Receivables sold to buyer as security | 3,186 |  | 3,178 |
Short-term borrowings from buyer | (2,000) |  | (1,600) |
Overcollateralization | 1,186 |  | 1,578 |
|  | Years ended December 31
(In millions of dollars) | Note | 2024 | 2023
Receivables securitization program, beginning of year |  | 1,600 |  | 2,400 |
Receivables securitization program assumed | 3 |  | — |  | 200 |
Net proceeds received from (repayment of) receivables securitization |  | 400 |  | (1,000) |
Receivables securitization program, end of year |  | 2,000 |  | 1,600 |

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