According to Bloomberg, Rogers has signed with two Canadian banks for part of its short term loan of $19 billion CAD to acquire Shaw.
An unnamed source speaking with Bloomberg said originally the main lender would be Bank of America, which initiated a first round of the syndication with RBC and Scotiabank. The group of financial institutions are said to be planning out another general syndication round, with Bank of America still the larger lender for Rogers.
Last month, Rogers announced it would acquire Shaw in a $26 billion deal, one expected to shake up the telecom industry in Canada. Opponents to the deal note it would eliminate wireless competition, while executives for Rogers and Shaw testified to MPs the opposite would occur.
Shaw’s Freedom Mobile is notably absent from the federal government’s upcoming 5G spectrum auction, a move many say would result in less competition for incumbents when it comes to the bidding process.