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 · US COMMERCIAL PAPER PROGRAM
US COMMERCIAL PAPER PROGRAM
We have a US CP program that allows us to issue up to a maximum aggregate principal amount of US$1.5 billion. Funds can be borrowed under this program with terms to maturity ranging from 1 to 397 days, subject to ongoing market conditions. Issuances made under the US CP program are issued at a discount. Borrowings under our US CP program are classified as "short-term borrowings" on our Consolidated Statements of Financial Position when they are due within one year of the date of the financial statements.
Below is a summary of the activity relating to our US CP program for the years ended December 31, 2024 and 2023.
| Year ended December 31, 2024 · Year ended December 31, 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Notional · Exchange · Notional · Notional · Exchange · Notional | |||||||||
| (In millions of dollars, except exchange rates) · (US$) · rate · (Cdn$) · (US$) · rate · (Cdn$) | |||||||||
| US commercial paper, beginning of year | 113 | 1.327 | 150 | 158 | 1.354 | 214 | |||
| Net proceeds received from (repayment of) US commercial paper | 190 | n/m | 265 | (55) | n/m | (52) | |||
| Discounts on issuance 1 | 11 | 1.364 | 15 | 10 | 1.400 | 14 | |||
| Loss (gain) on foreign exchange 1 | 22 | (26) | |||||||
| US commercial paper, end of year | 314 | 1.439 | 452 | 113 | 1.327 | 150 | |||
n/m - not meaningful
1 Included in "finance costs".
Concurrent with the US CP borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 19). We have not designated these debt derivatives as hedges for accounting purposes.
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