Canada's Rogers Communications has announced the completion of agreements with holders of senior notes to ensure bond financing remains in place if it cannot close its proposed merger with Shaw Communications before the end of 2022. The 'special mandatory redemption date' for the relevant bond holders has been extended to 31 December 2023.

As previously reported, Rogers, Shaw and the Shaw Family Living Trust have extended the 'outside date' of the Rogers-Shaw transaction to 31 December 2022 whilst continuing to seek regulatory approval, with the option to extend to 31 January 2023 dependent on Rogers securing the necessary financing commitments. Furthermore, Rogers, Shaw and Quebecor entered into a 'Definitive Agreement' for the sale of Shaw's subsidiary Freedom Mobile to Quebecor's cableco/cellco division Videotron on 12 August 2022, subject to regulatory approvals and closing of the proposed Rogers-Shaw merger, which was first announced on 15 March 2021.

Thanks to TeleGeography for this industry update.