Rogers Communications Inc. says its lenders have agreed to give the company more time to close the planned acquisition of Shaw Communications Inc., in return for up to $775-million in extra fees on financing for a $26-billion takeover that’s been delayed by regulatory opposition.
In return for the extension, Rogers will pay bondholders an initial consent fee of $520-million. The company may also be on the hook for an additional $255-million in fees, depending on when the Shaw takeover closes. If the deal is called off, Rogers will buy back the bonds.
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This should NOT be allowed to happen. Our regulators are scum.