XML 72 R56.htm IDEA: XBRL DOCUMENT v3.22.0.1
SHORT-TERM BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2021
Financial Instruments [Abstract]  
Disclosure of detailed information about borrowings
Below is a summary of our short-term borrowings as at December 31, 2021 and 2020.
As at December 31
(In millions of dollars)20212020
Receivables securitization program800 650 
US commercial paper program (net of the discount on issuance)893 571 
Non-revolving credit facility borrowings507 — 
Total short-term borrowings2,200 1,221 

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2021 and 2020.
Year ended December 31, 2021Year ended December 31, 2020
NotionalExchangeNotionalNotionalExchangeNotional
(In millions of dollars, except exchange rates)(US$)rate(Cdn$)(US$)rate(Cdn$)
Proceeds received from receivables securitization150 — 
Net proceeds received from receivables securitization150 — 
Proceeds received from US commercial paper2,568 1.260 3,235 3,316 1.329 4,406 
Repayment of US commercial paper(2,314)1.259 (2,914)(4,098)1.355 (5,552)
Net proceeds received from (repayment of) US commercial paper321 (1,146)
Proceeds received from non-revolving credit facilities (US$)1,200 1.253 1,503 — — — 
Repayment of non-revolving credit facilities (US$)(800)1.254 (1,003)— — — 
Net proceeds received from non-revolving credit facilities500 — 
Net proceeds received from (repayment of) short-term borrowings971 (1,146)
Below is a summary of the activity relating to our US CP program for the years ended December 31, 2021 and 2020.
Year ended December 31, 2021Year ended December 31, 2020
NotionalExchangeNotionalNotionalExchangeNotional
(In millions of dollars, except exchange rates)(US$)rate(Cdn$)(US$)rate(Cdn$)
US commercial paper, beginning of year449 1.272 571 1,223 1.298 1,588 
Net proceeds received from (repayment of) US commercial paper254 1.264 321 (782)1.465 (1,146)
Discounts on issuance 1
1 n/m2 8 1.250 10 
(Gain) loss on foreign exchange 1
(1)119 
US commercial paper, end of year704 1.268 893 449 1.272 571 
n/m - not meaningful
1    Included in finance costs.
Below is a summary of the activity relating to our non-revolving credit facilities for the year ended December 31, 2021.
Year ended December 31, 2021
NotionalExchangeNotional
(In millions of dollars, except exchange rates)(US$)rate(Cdn$)
Non-revolving credit facility, beginning of year— — — 
Net proceeds received from non-revolving credit facilities400 1.250 500 
Loss on foreign exchange 1
7 
Non-revolving credit facility, end of year400 1.268 507 
As at December 31
(In millions of dollars, except interest rates)Due date Principal amountInterest rate20212020
Senior notes20211,450 5.340 %— 1,450 
Senior notes2022600 4.000 %600 600 
Senior notes2022US750 Floating951 955 
Senior notes2023US500 3.000 %634 637 
Senior notes2023US850 4.100 %1,078 1,082 
Senior notes2024600 4.000 %600 600 
Senior notes2025US700 3.625 %886 890 
Senior notes2026US500 2.900 %634 637 
Senior notes20271,500 3.650 %1,500 1,500 
Senior notes20291,000 3.250 %1,000 1,000 
Senior debentures 1
2032US200 8.750 %254 255 
Senior notes2038US350 7.500 %444 446 
Senior notes2039500 6.680 %500 500 
Senior notes2040800 6.110 %800 800 
Senior notes2041400 6.560 %400 400 
Senior notes2043US500 4.500 %634 637 
Senior notes2043US650 5.450 %823 827 
Senior notes2044US1,050 5.000 %1,331 1,337 
Senior notes2048US750 4.300 %951 955 
Senior notes 2049US1,250 4.350 %1,585 1,592 
Senior notes2049US1,000 3.700 %1,268 1,273 
Subordinated notes 2
20812,000 5.000 %2,000 — 
18,873 18,373 
Deferred transaction costs and discounts(185)(172)
Less current portion    (1,551)(1,450)
Total long-term debt    17,137 16,751 
1    Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2021 and 2020.
2    The subordinated notes can be redeemed at par on the five-year anniversary or on any subsequent interest payment date.
The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2021 and 2020.
Year ended December 31, 2021Year ended December 31, 2020
(In millions of dollars, except exchange rates)NotionalExchangeNotionalNotionalExchangeNotional
(US$)rate(Cdn$)(US$)rate(Cdn$)
Credit facility borrowings (US$)— — — 970 1.428 1,385 
Credit facility repayments (US$)— — — (970)1.406 (1,364)
Net borrowings under credit facilities— 21 
Senior note issuances (Cdn$)— 1,500 
Senior note issuances (US$)— — — 750 1.359 1,019 
Total senior note issuances— 2,519 
Senior note repayments (Cdn$)(1,450)— 
Net (repayment) issuance of senior notes(1,450)2,519 
Subordinated note issuances (Cdn$)2,000 — 
Net issuance of long-term debt550 2,540 
Years ended December 31
(In millions of dollars)20212020
Long-term debt net of transaction costs, beginning of year18,201 15,967 
Net issuance of long-term debt550 2,540 
Gain on foreign exchange(50)(297)
Deferred transaction costs incurred(31)(23)
Amortization of deferred transaction costs18 14 
Long-term debt net of transaction costs, end of year18,688 18,201 
Below is a summary of the senior and subordinated notes that we issued in 2021 and 2020.
(In millions of dollars, except interest rates and discounts)
Date issued Principal amountDue dateInterest rateDiscount/ premium at issuance
Total gross proceeds 1 (Cdn$)
Transaction costs and discounts 2 (Cdn$)
2021 issuance
December 17, 2021 (subordinated) 3
2,000 20815.000 %At par2,000 20 
2020 issuances
March 31, 2020 (senior)1,500 20273.650 %99.511 %1,500 16 
June 22, 2020 (senior)US750 2022
USD LIBOR + 0.60%
At par1,019 5 
1    Gross proceeds before transaction costs, discounts, and premiums.
2    Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.
3    Deferred transaction costs and discounts in the carrying value of the subordinated notes are recognized in net income using the effective interest method over a five-year period.
Disclosure of detailed information about accounts receivable securitization program
As at December 31
(In millions of dollars)20212020
Receivables sold to buyer as security2,679 2,130 
Short-term borrowings from buyer(800)(650)
Overcollateralization1,879 1,480 
Years ended December 31
(In millions of dollars)20212020
Receivables securitization program, beginning of year650 650 
Net proceeds received from receivables securitization150 — 
Receivables securitization program, end of year800 650