Rogers Cable Borrows $1B from Bank Syndicate

Rogers Cable Inc. borrowed on a secured basis $1.075 billion from a syndicate of 13 banks headed by the Toronto-Dominion Bank on February 4, 2002. The loan, which matures January 2, 2009, is a revolving credit for up to $600 million and a reducing revolving credit with a balance of $475 million. Of the total amount borrowed, $600 million ranks in priority not only to the balance of the amount borrowed under the syndicate bank credit facility, but in priority to all Rogers Cable secured debt outstanding from time to time.

John McIninch and John Toffoletto of Torys LLP acted for Rogers Cable. The bank syndicate was represented by a team headed by Michael Allen of Stikeman Elliott.