Rogers Cable Issues US$550M of Debt Securities

On April 30, 2002, Rogers Cable Inc. issued two classes of debt securities: (i) US$350 million senior (secured) second priority notes due 2012; and (ii) US$200 million senior (secured) second priority debentures due 2032. The securities were privately placed with a group of initial purchasers led by Salomon Smith Barney Inc. and were resold in the U.S. to qualified institutional buyers in reliance on rule 144A. Rogers Cable used a portion of the net proceeds from this offering to retire and repay debt and intends to use the balance of the net proceeds to repay or retire long-term debt and for general corporate purposes.
Torys LLP represented Rogers Cable, with a team that included John McIninch and Jim Welkoff (tax) and Kevin Morris, Suh Kim and Tom McKinlay. Cravath, Swaine & Moore acted as U.S. counsel, with a team that included John Gaffney, Paul Zumbro and Minh Van Ngo.

Davies Ward Phillips & Vineberg LLP represented the initial purchasers, with a team that included Patricia Olasker, Andrew Welsh and Sonny Bhalla. Shearman & Sterling in Toronto acted as U.S. counsel, with a team that included Brice Voran, Jason Lehner, David Wilson and Bob Nguyen.