Rogers investors want proposed bond term changes to be revised
2022.08.25 18:14
The Rogers Building, the green-topped corporate campus of Canadian media conglomerate Rogers Communications is seen in downtown Toronto, Ontario, Canada July 14, 2022. REUTERS/Chris Helgren/File Photo
TORONTO (Reuters) – The Canadian Bond Investors’ Association (CBIA) said on Thursday it wants Rogers (NYSE:ROG) Communications Inc to revise terms of changes the company proposed earlier this week to its $9.35 billion in bonds issued to fund the buyout of Shaw Communications (NYSE:SJR) Inc.
The CBIA, a group that represents 50 of the largest fixed income institutional investors in Canada, said Rogers should provide consent fee to all of the company’s bond holders regardless of whether the investors agree to proposed changes to the bond terms.
Rogers should also give the investors “sufficient time” to review and respond to the proposed changes, the CBIA said in a statement. Rogers had given the investors 8 business days to respond to the proposed changes.
