Rogers Communications secured approximately $2.1 billion in funding for paying for 20 year licenses for two contiguous, paired blocks of lower band spectrum - acquired in the recent 700 MHz spectrum auction. Combined with cash on hand, Rogers will pay $3.29 billion for the spectrum covering both rural and urban areas across Canada.
"We went after and won this spectrum because we know it will pay off for our customers for the next 20 years and likely beyond. Not only did we get the spectrum we wanted for our customers, but we have financed it with $2.1 billion of long term funding for up to 30 years at some of our lowest rates ever, with an average interest rate of just 3.9%. In addition, we have made this long term investment for our customers while maintaining our Baa1/BBB+/BBB+ senior credit ratings, which have been affirmed by each of Moody's, Standard and Poor's and Fitch, reflecting their confidence in the investment and in Rogers," said Anthony Staffieri, Chief Financial Officer, Rogers Communications.