Rogers Closes $2.1 Billion in Financing For 700MHz Wireless Spectrum

Rogers has announced it has closed US and Canadian financing towards its winning 700MHz wireless spectrum bids in Ottawa’s recent wireless auction.

The company says it secured roughly $2.1 billion in financings “at historically low rates” for it 20 year licenses for two contiguous, paired blocks of lower band spectrum. Anthony Staffieri, Chief Financial Officer at Rogers said in a statement:

“We went after and won this spectrum because we know it will pay off for our customers for the next 20 years and likely beyond. Not only did we get the spectrum we wanted for our customers, but we have financed it with $2.1 billion of long term funding for up to 30 years at some of our lowest rates ever, with an average interest rate of just 3.9%.”

Rogers will invest $3.29 billion for its 700MHz wireless spectrum, known as the “beachfront property” of spectrum for its extended range and ability to penetrate walls.

The company says its existing LTE devices already operate in the lower 700MHz band, which will begin rolling out in 2014.