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SHORT-TERM BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2023
Financial Instruments [Abstract]  
Disclosure of detailed information about borrowings
As at December 31
(In millions of dollars)20232022
Receivables securitization program1,600 2,400 
US commercial paper program (net of the discount on issuance)150 214 
Non-revolving credit facility borrowings— 371 
Total short-term borrowings1,750 2,985 
Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2023 and 2022.
Year ended December 31, 2023Year ended December 31, 2022
NotionalExchangeNotionalNotionalExchangeNotional
(In millions of dollars, except exchange rates)(US$)rate(Cdn$)(US$)rate(Cdn$)
Proceeds received from receivables securitization— 1,600 
Repayment of receivables securitization(1,000)— 
Net (repayment of) proceeds received from receivables securitization(1,000)1,600 
Proceeds received from US commercial paper1,803 1.357 2,447 6,745 1.302 8,781 
Repayment of US commercial paper(1,858)1.345 (2,499)(7,303)1.306 (9,537)
Net repayment of US commercial paper(52)(756)
Proceeds received from non-revolving credit facilities (Cdn$)375 865 
Proceeds received from non-revolving credit facilities (US$)2,125 1.349 2,866 — — — 
Total proceeds received from non-revolving credit facilities3,241 865 
Repayment of non-revolving credit facilities (Cdn$)(758)(495)
Repayment of non-revolving credit facilities (US$)(2,125)1.351 (2,870)(400)1.268 (507)
Total repayment of non-revolving credit facilities(3,628)(1,002)
Net repayment of non-revolving credit facilities(387)(137)
Net (repayment of) proceeds received from short-term borrowings(1,439)707 
Below is a summary of the activity relating to our US CP program for the years ended December 31, 2023 and 2022.
Year ended December 31, 2023Year ended December 31, 2022
NotionalExchangeNotionalNotionalExchangeNotional
(In millions of dollars, except exchange rates)(US$)rate(Cdn$)(US$)rate(Cdn$)
US commercial paper, beginning of year158 1.354 214 704 1.268 893 
Net repayment of US commercial paper(55)
n/m
(52)(558)1.355 (756)
Discounts on issuance 1
10 1.400 14 12 1.250 15 
(Gain) loss on foreign exchange 1
(26)62 
US commercial paper, end of year113 1.327 150 158 1.354 214 
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, 2023 and year ended December 31, 2022.
Years ended December 31
(In millions of dollars)20232022
Non-revolving credit facility, beginning of year371 507 
Net repayment of non-revolving credit facilities(387)(137)
Discounts on issuance 1
12 — 
Loss on foreign exchange 1
4 1 
Non-revolving credit facility, end of year— 371 
1    Included in "finance costs".
As at December 31
(In millions of dollars, except interest rates)Due date Principal amountInterest rate20232022
Term loan facility4,400 Floating4,286 — 
Senior notes2023US500 3.000 %— 677 
Senior notes2023US850 4.100 %— 1,151 
Senior notes2024600 4.000 %600 600 
Senior notes 1
2024500 4.350 %500 — 
Senior notes
2025US1,000 2.950 %1,323 1,354 
Senior notes
20251,250 3.100 %1,250 1,250 
Senior notes2025US700 3.625 %926 948 
Senior notes2026500 5.650 %500 — 
Senior notes2026US500 2.900 %661 677 
Senior notes20271,500 3.650 %1,500 1,500 
Senior notes 1
2027300 3.800 %300 — 
Senior notes
2027US1,300 3.200 %1,719 1,761 
Senior notes20281,000 5.700 %1,000 — 
Senior notes 1
2028500 4.400 %500 — 
Senior notes 1
2029500 3.300 %500 — 
Senior notes
20291,000 3.750 %1,000 1,000 
Senior notes20291,000 3.250 %1,000 1,000 
Senior notes2030500 5.800 %500 — 
Senior notes 1
2030500 2.900 %500 — 
Senior notes
2032US2,000 3.800 %2,645 2,709 
Senior notes
20321,000 4.250 %1,000 1,000 
Senior debentures 2
2032US200 8.750 %265 271 
Senior notes20331,000 5.900 %1,000 — 
Senior notes2038US350 7.500 %463 474 
Senior notes2039500 6.680 %500 500 
Senior notes 1
20391,450 6.750 %1,450 — 
Senior notes2040800 6.110 %800 800 
Senior notes2041400 6.560 %400 400 
Senior notes
2042US750 4.500 %992 1,016 
Senior notes2043US500 4.500 %661 677 
Senior notes2043US650 5.450 %860 880 
Senior notes2044US1,050 5.000 %1,389 1,422 
Senior notes2048US750 4.300 %992 1,016 
Senior notes 1
2049300 4.250 %300 — 
Senior notes2049US1,250 4.350 %1,653 1,693 
Senior notes2049US1,000 3.700 %1,323 1,354 
Senior notes
2052US2,000 4.550 %2,645 2,709 
Senior notes
20521,000 5.250 %1,000 1,000 
Subordinated notes 3
20812,000 5.000 %2,000 2,000 
Subordinated notes 3
2082US750 5.250 %992 1,016 
41,895 32,855 
Deferred transaction costs and discounts(1,040)(1,122)
Less current portion    (1,100)(1,828)
Total long-term debt    39,755 29,905 
1 Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2023, see note 3.
2    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, 2023 and 2022.
3    The subordinated notes can be redeemed at par on the five-year anniversary from issuance dates of December 2021 and February 2022 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, 2023 and 2022.
Year ended December 31, 2023Year ended December 31, 2022
(In millions of dollars, except exchange rates)NotionalExchangeNotionalNotionalExchangeNotional
(US$)rate(Cdn$)(US$)rate(Cdn$)
Credit facility borrowings (US$)220 1.368 301 — — — 
Credit facility repayments (US$)(220)1.336 (294)— — — 
Net borrowings under credit facilities7 — 
Term loan facility net borrowings (US$) 1
4,506 1.350 6,082 — — — 
Term loan facility net repayments (US$)
(1,265)1.340 (1,695)— — — 
Net borrowings under term loan facility4,387 — 
Senior note issuances (Cdn$)3,000 4,250 
Senior note issuances (US$)— — — 7,050 1.284 9,054 
Total senior note issuances3,000 13,304 
Senior note repayments (Cdn$)(500)(600)
Senior note repayments (US$)(1,350)1.373 (1,854)(750)1.259 (944)
Total senior note repayments(2,354)(1,544)
Net issuance of senior notes646 11,760 
Subordinated note issuances (US$)— — — 750 1.268 951 
Net issuance of subordinated notes— 951 
Net issuance of long-term debt5,040 12,711 
1    Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

Years ended December 31
(In millions of dollars)
Note
20232022
Long-term debt net of transaction costs, beginning of year31,733 18,688 
Net issuance of long-term debt5,040 12,711 
Long-term debt assumed
34,526 — 
(Gain) loss on foreign exchange(549)1,271 
Deferred transaction costs incurred(31)(988)
Amortization of deferred transaction costs136 51 
Long-term debt net of transaction costs, end of year40,855 31,733 
Current1,100 1,828 
Long-term39,755 29,905 
Long-term debt net of transaction costs, end of year40,855 31,733 
Below is a summary of the senior and subordinated notes we issued in 2023 and 2022.
(In millions of dollars, except interest rates and discounts)
Transaction costs and discounts 2 (Cdn$)
Date issued Principal amountDue dateInterest rateDiscount/ premium at issuance
Total gross proceeds 1 (Cdn$)
Upon issuance
Upon modification 3
2023 issuances
September 21, 2023 (senior)500 20265.650 %99.853 %500 3
n/a
September 21, 2023 (senior)1,000 20285.700 %99.871 %1,000 8
n/a
September 21, 2023 (senior)500 20305.800 %99.932 %500 4
n/a
September 21, 2023 (senior)1,000 20335.900 %99.441 %1,000 12
n/a
2022 issuances
February 11, 2022 (subordinated) 4
US750 20825.250 %At par951 13
n/a
March 11, 2022 (senior) 5
US1,000 20252.950 %99.934 %1,283 950
March 11, 2022 (senior)1,250 20253.100 %99.924 %1,250 7
n/a
March 11, 2022 (senior)US1,300 20273.200 %99.991 %1,674 1382
March 11, 2022 (senior)1,000 20293.750 %99.891 %1,000 757
March 11, 2022 (senior)US2,000 20323.800 %99.777 %2,567 27165
March 11, 2022 (senior)1,000 20324.250 %99.987 %1,000 658
March 11, 2022 (senior)US750 20424.500 %98.997 %966 2095
March 11, 2022 (senior)US2,000 20524.550 %98.917 %2,564 55250
March 11, 2022 (senior)1,000 20525.250 %99.483 %1,000 12 62 
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    Accounted for as a modification of the respective financial liabilities. Reflects initial consent fee of $557 million incurred in September 2022 and additional consent fee of $262 million incurred in December 2022.
4    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. The subordinated notes due 2082 can be redeemed at par on March 15, 2027 or on any subsequent interest payment date.
5    The US$1 billion senior notes due 2025 can be redeemed at par on or after March 15, 2023.
Disclosure of detailed information about accounts receivable securitization program
As at December 31
(In millions of dollars)20232022
Receivables sold to buyer as security3,178 2,914 
Short-term borrowings from buyer(1,600)(2,400)
Overcollateralization1,578 514 
Years ended December 31
(In millions of dollars)
Note
20232022
Receivables securitization program, beginning of year2,400 800 
Receivables securitization program assumed
3 200 — 
Net (repayment of) proceeds received from receivables securitization(1,000)1,600 
Receivables securitization program, end of year1,600 2,400