Rogers Communications Inc 6-K, filed Dec 12, 2023
Rogers Communications Inc (RCI)
About this 6-K
Rogers Communications Inc filed this 6-K on December 12, 2023.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of December, 2023
Commission File Number 001-10805
ROGERS COMMUNICATIONS INC.
(Translation of registrant’s name into English)
333 Bloor Street East
10th Floor
Toronto, Ontario M4W 1G9
Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☐ Form 40-F ☒
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ROGERS COMMUNICATIONS INC. | ||||
| By: | /s/ “Marisa Wyse” | |||
| Name: | Marisa Wyse | |||
| Title: | Chief Legal Officer and Corporate Secretary | |||
Date: December 11, 2023
Exhibit Index
| Exhibit Number |
Description of Document | |
| 99.1 | News Release dated December 11, 2023 – ROGERS ACCELERATES DE-LEVERAGING PLANS WITH PRIVATE SALE OF COGECO SHARES | |
Exhibit 99.1
ROGERS ACCELERATES DE-LEVERAGING PLANS WITH PRIVATE SALE
OF COGECO SHARES
Sale reduces debt leverage ratio by a further 0.1x
Expects to achieve debt leverage ratio of 4.7x at year end
TORONTO, ON, December 11, 2023 — 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 Plans
With 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 contact
Sarah Schmidt
647.643.6397
media@rci.rogers.com
Rogers Communications investment community contact
Paul Carpino
647.435.6470
paul.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. |