ROGERS COMMUNICATIONS INC
For the period ended Dec 31, 2024. Filed Mar 6, 2025.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Mar 6, 2025
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EX-99.3 · RECEIVABLES SECURITIZATION PROGRAM
RECEIVABLES SECURITIZATION PROGRAM
We participate in a receivables securitization program with a group of Canadian financial institutions that allows us to sell certain receivables into the program. The maximum potential proceeds under the receivables securitization program is $2.4 billion.
We continue to service and retain substantially all of the risks and rewards relating to the receivables we sell, and therefore, the receivables remain recognized on our Consolidated Statements of Financial Position and the funding received is recognized as "short-term borrowings". The terms of our receivables securitization program are committed until its expiry, which we extended in June 2024 to an expiration date of June 28, 2027. The buyers' interests in these trade receivables ranks ahead of our interest. The program restricts us from using the receivables as collateral. The buyers of our trade receivables have no claim on any of our other assets.
| As at December 31 | ||
|---|---|---|
| (In millions of dollars) | 2024 | 2023 |
| Receivables sold to buyer as security | 3,186 | 3,178 |
| Short-term borrowings from buyer | (2,000) | (1,600) |
| Overcollateralization | 1,186 | 1,578 |
| (In millions of dollars) · Note · 2024 · 2023 | |||||
|---|---|---|---|---|---|
| Receivables securitization program, beginning of year | 1,600 | 2,400 | |||
| Receivables securitization program assumed | 3 | — | 200 | ||
| Net proceeds received from (repayment of) receivables securitization | 400 | (1,000) | |||
| Receivables securitization program, end of year | 2,000 | 1,600 | |||
In April 2023, we repaid the outstanding $200 million of borrowings under Shaw's legacy accounts receivable securitization program, subsequent to which the program was terminated. This repayment is included in "net proceeds received from (repayment of) receivables securitization" above.
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