Rogers Communications Inc., Canada’s largest wireless company, says it’s close to a $7 billion structured equity investment to finance parts of its network and reduce its debt load.
The Toronto-based company said Thursday it has a “non-binding term sheet with a leading global financial investor” that it didn’t name. Rogers will keep operational control of its networks, the firm said in a statement.
The disclosure sheds light on how the company plans to keep its leverage under control while also buying a 37.5% stake in Maple Leaf Sports & Entertainment Ltd. from BCE Inc., its biggest competitor.
That $4.7 billion deal, announced last month, would give Rogers control of some of Canada’s most valuable sports franchises, including the Toronto Maple Leafs hockey team. The company said at the time it plans to complete the transaction without increasing its leverage, but it gave little detail on financing.
Rogers already owns the Toronto Blue Jays baseball club and one of Canada’s two major sports cable TV networks.