08:23 AM EDT, 10/24/2024 (MT Newswires) -- Rogers Communications ( RCIAF ) said Thursday it has reached a financing deal with an undisclosed financial investor for $7 billion Canadian dollars ($5.10 billion) that "will materially reduce leverage."

The deal is expected to close in Q4, and the proceeds will be used to pay down debt and strengthen Rogers' balance sheet, the company said. Rogers added it now expects year-end leverage to be 3.7x.

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