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Rogers Communications Inc., Canada’s largest wi-fi firm, says it’s near a $7 billion structured fairness funding to finance elements of its community and cut back its debt load.
The Toronto-based firm stated Thursday it has a “non-binding time period sheet with a number one international monetary investor” that it didn’t title. Rogers will hold operational management of its networks, the agency stated in a press release.
The disclosure sheds gentle on how the corporate plans to maintain its leverage beneath management whereas additionally shopping for a 37.5 per cent stake in Maple Leaf Sports & Entertainment Ltd. from BCE Inc., its largest competitor.
That $4.7 billion deal, introduced final month, would give Rogers management of a few of Canada’s most beneficial sports activities franchises, together with the Toronto Maple Leafs hockey workforce. The firm stated on the time it plans to finish the transaction with out growing its leverage, but it surely gave little element on financing.
Rogers already owns the Toronto Blue Jays baseball membership and one in all Canada’s two main sports activities cable TV networks.
The firm earned $1.42 a share on an adjusted foundation within the third quarter, beating the $1.36 anticipated by analysts in a Bloomberg survey. Revenue got here in wanting expectations at $5.13 billion, although media income development was a shiny spot. That unit introduced in $653 million, exceeding analysts’ forecasts, due to greater sports activities income.
Rogers’ wi-fi unit, its largest enterprise, added 101,000 postpaid cellular subscribers through the three months ended Sept. 30.
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Rogers, together with BCE and Telus Corp., had been urged this month by Canada’s telecom regulator to report “concrete steps” in lowering roaming charges by Nov. 4. The Canadian Radio-Television and Telecommunications Commission stated Canadians “lack alternative” when roaming and that the charges telecom firms cost are too excessive.
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