v3.25.4
SHORT-TERM BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Instruments [Abstract]  
Disclosure of detailed information about borrowings
As at December 31
(In millions of dollars)20252024
Receivables securitization program2,000 2,000 
US commercial paper program (net of the discount on issuance)— 452 
Non-revolving credit facility borrowings (net of the discount on issuance)
2,000 507 
Total short-term borrowings4,000 2,959 
Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2025 and 2024.
Year ended December 31, 2025Year ended December 31, 2024
NotionalExchangeNotionalNotionalExchangeNotional
(In millions of dollars, except exchange rates)(US$)rate(Cdn$)(US$)rate(Cdn$)
Proceeds received from receivables securitization400 800 
Repayment of receivables securitization(400)(400)
Net proceeds received from receivables securitization— 400 
Proceeds received from US commercial paper517 1.410 729 2,009 1.373 2,759 
Repayment of US commercial paper(835)1.413 (1,180)(1,819)1.371 (2,494)
Net (repayment of) proceeds received from US commercial paper(451)265 
Proceeds received from non-revolving credit facilities (Cdn$) 1
2,000 — 
Proceeds received from non-revolving credit facilities (US$) 1
5,397 1.386 7,479 2,899 1.378 3,996 
Repayment of non-revolving credit facilities (US$)(5,749)1.393 (8,007)(2,547)1.383 (3,523)
Net proceeds received from non-revolving credit facilities1,472 473 
Net proceeds received from short-term borrowings1,021 1,138 
1    Borrowings under our non-revolving facility matured and are (were, for the US$ facility) reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.
Below is a summary of the activity relating to our US CP program for the years ended December 31, 2025 and 2024.
Year ended December 31, 2025Year ended December 31, 2024
NotionalExchangeNotionalNotionalExchangeNotional
(In millions of dollars, except exchange rates)(US$)rate(Cdn$)(US$)rate(Cdn$)
US commercial paper, beginning of year314 1.439 452 113 1.327 150 
Net (repayment of) proceeds received from US commercial paper(318)1.418 (451)190 1.395 265 
Discounts on issuance 1
4 
n/m
6 11 1.364 15 
Loss (gain) on foreign exchange 1
(7)22 
US commercial paper, end of year— — — 314 1.439 452 
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 years ended December 31, 2025 and 2024.
Years ended December 31
(In millions of dollars)20252024
Non-revolving credit facility, beginning of year507 — 
Net proceeds received from non-revolving credit facilities1,472 473 
Loss on foreign exchange 1
21 34 
Non-revolving credit facility, end of year2,000 507 
1    Included in "finance costs".
As at December 31
(In millions of dollars, except interest rates)Par call dateDue date Principal amountInterest rate20252024
Bank credit facilities (Cdn$ portion)Floating415 — 
Term loan facilityFloating— 1,001 
Canada Infrastructure Bank credit facility
20521.000 %134 64 
Senior notesMar 2025US1,000 2.950 %— 1,439 
Senior notesApr 20251,250 3.100 %— 1,250 
Senior notesDec 2025US700 3.625 %— 1,007 
Senior notesn/aSep 2026500 5.650 %500 500 
Senior notesAug 2026Nov 2026US500 2.900 %686 718 
Senior notes 1
Dec 2026Mar 2027300 3.800 %300 300 
Senior notesJan 2027Mar 20271,500 3.650 %1,500 1,500 
Senior notesFeb 2027Mar 2027US1,300 3.200 %1,784 1,871 
Senior notesAug 2028Sep 20281,000 5.700 %1,000 1,000 
Senior notes 1
Aug 2028Nov 2028500 4.400 %500 500 
Senior notesJan 2029Feb 2029US1,250 5.000 %1,716 1,799 
Senior notesFeb 2029Apr 20291,000 3.750 %1,000 1,000 
Senior notesFeb 2029May 2029700 3.250 %700 1,000 
Senior notes 1
Sep 2029Dec 2029159 3.300 %159 500 
Senior notesJul 2030Sep 2030500 5.800 %500 500 
Senior notes 1
Sep 2030Dec 2030210 2.900 %210 500 
Senior notesDec 2031Mar 2032US2,000 3.800 %2,745 2,878 
Senior notesJan 2032Apr 20321,000 4.250 %1,000 1,000 
Senior debentures 2
n/aMay 2032US200 8.750 %275 288 
Senior notesJun 2033Sep 20331,000 5.900 %1,000 1,000 
Senior notes
Nov 2033Feb 2034US1,250 5.300 %1,716 1,799 
Senior notesn/aAug 2038US350 7.500 %480 504 
Senior notesn/aNov 2039500 6.680 %500 500 
Senior notes 1
n/aNov 20391,450 6.750 %1,450 1,450 
Senior notesFeb 2040Aug 2040800 6.110 %800 800 
Senior notesSep 2040Mar 2041400 6.560 %400 400 
Senior notesSep 2041Mar 2042US750 4.500 %1,029 1,079 
Senior notesSep 2042Mar 2043US382 4.500 %524 719 
Senior notesApr 2043Oct 2043US650 5.450 %892 935 
Senior notesSep 2043Mar 2044US752 5.000 %1,032 1,511 
Senior notesAug 2047Feb 2048US506 4.300 %694 1,079 
Senior notesNov 2048May 2049US630 4.350 %865 1,799 
Senior notesMay 2049Nov 2049US541 3.700 %743 1,439 
Senior notes 1
Jun 2049Dec 204926 4.250 %26 300 
Senior notesSep 2051Mar 2052US2,000 4.550 %2,745 2,878 
Senior notesOct 2051Apr 20521,000 5.250 %1,000 1,000 
Subordinated notes 3
Feb 2030Apr 2055US1,100 7.000 %1,510 — 
Subordinated notes 3
Feb 2035Apr 2055US1,000 7.125 %1,373 — 
Subordinated notes 3
Feb 2030Apr 20551,000 5.625 %1,000 — 
Subordinated notes 3
Dec 2026Dec 20812,000 5.000 %2,000 2,000 
Subordinated notes 3
Mar 2027Mar 2082US750 5.250 %1,029 1,079 
37,932 42,886 
Deferred transaction costs and discounts(795)(951)
Deferred government grant liability
(79)(39)
Less current portion    (1,186)(3,696)
Total long-term debt    35,872 38,200 
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, 2025 and 2024.
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, 2025 and 2024.
3    The subordinated notes can be redeemed at par on the noted par call date 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, 2025 and 2024.
Year ended December 31, 2025Year ended December 31, 2024
(In millions of dollars, except exchange rates)NotionalExchangeNotionalNotionalExchangeNotional
(US$)rate(Cdn$)(US$)rate(Cdn$)
Credit facility borrowings (Cdn$)216 64 
Credit facility borrowings (US$)1,325 1.367 1,811 — — — 
Total credit facility borrowings2,027 64 
Credit facility repayments (Cdn$)(30)— 
Credit facility repayments (US$)(1,325)1.361 (1,803)— — — 
Total credit facility repayments(1,833)— 
Net borrowings under credit facilities194 64 
Term loan facility net borrowings (US$) 1
1 n/m6 8 n/m18 
Term loan facility net repayments (US$)
(697)1.380 (962)(2,553)1.352 (3,452)
Net repayments under term loan facility(956)(3,434)
Senior note issuances (US$)— — — 2,500 1.347 3,367 
Total senior note issuances— 3,367 
Senior note repayments (Cdn$)(2,397)(1,100)
Senior note repayments (US$)(3,112)1.390 (4,326)— — — 
Total senior note repayments(6,723)(1,100)
Net (repayment) issuance of senior notes(6,723)2,267 
Subordinated note issuances (Cdn$)1,000 — 
Subordinated note issuances (US$)2,100 1.432 3,007 — — — 
Total subordinated note issuances4,007 — 
Net repayment of long-term debt(3,478)(1,103)
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
20252024
Long-term debt, beginning of year
41,896 40,855 
Net (repayment) issuance of long-term debt(3,478)(1,103)
Discount on principal amount of senior notes repurchased in connection with tender offer(504)— 
Increase in government grant liability related to Canada Infrastructure Bank facility
(43)(39)
Long-term debt assumed through the MLSE Transaction
298 — 
(Gain) loss on foreign exchange(1,272)2,094 
Deferred transaction costs derecognized (incurred)31 (52)
Amortization of deferred transaction costs130 141 
Long-term debt, end of year
37,058 41,896 
Current1,186 3,696 
Long-term35,872 38,200 
Long-term debt, end of year
37,058 41,896 
Below is a summary of the senior and subordinated notes we issued in 2025 and 2024.
(In millions of dollars, except interest rates and discounts)
Issue price per $1,000 principal amount
Total gross proceeds 1 (Cdn$)
Transaction costs and
discounts 2 (Cdn$)
Date issued Principal amountDue dateInterest rate
2025 issuances
February 12, 2025 (subordinated) 3
US1,100 20557.000 %1,000.00 1,575 21
February 12, 2025 (subordinated) 3
US1,000 20557.125 %1,000.00 1,432 19
February 12, 2025 (subordinated) 3
1,000 20555.625 %999.83 1,000 11
2024 issuances
February 9, 2024 (senior)US1,250 20295.000 %997.14 1,684 20
February 9, 2024 (senior)US1,250 20345.300 %991.19 1,683 30
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 (if any) in the carrying value of the subordinated notes are recognized in net income using the effective interest method. The three issuances of subordinated notes due 2055 can be redeemed at par on February 15, 2030, February 15, 2035, and February 15, 2030, respectively, or on any subsequent interest payment date.
Disclosure of detailed information about accounts receivable securitization program
As at December 31
(In millions of dollars)20252024
Receivables sold to buyer as security3,251 3,186 
Short-term borrowings from buyer(2,000)(2,000)
Overcollateralization1,251 1,186 
Years ended December 31
(In millions of dollars)20252024
Receivables securitization program, beginning of year2,000 1,600 
Net proceeds received from receivables securitization— 400 
Receivables securitization program, end of year2,000 2,000