Scotia Capital Buys $1.17 Billion Rogers Preferred Securities

On August 10, 2000, Rogers Communications Inc. closed the sale of approximately $1.17 billion principal amount of Rogers Preferred Securities to Scotia Capital. Rogers has prepaid interest on the Preferred Securities to June 30, 2003 leaving Rogers with proceeds from the sale of $937.5 million. The delegations under the Preferred Securities are secured solely by 25 million AT&T Canadian deposit receipts owned by Rogers. The transaction allows Rogers to monetize the current guaranteed floor price while retaining the upride above the guaranteed price.

Torys acted for Rogers Communications Inc. with a team headed by John McIninch, with tax advice provided by Steve Richardson and securities advice by Jim Turner and Bill Estey and with general assistance from Suh Kim, Chris Fowles and Jean DuGuay. James Mathers, Winn Oughtred and Marguerite Mooney of Borden Ladner Gervais LLP acted for Scotia Capital.