Media, telco capital markets activity jumps in March

Capital markets activity in publicly traded media and telecom companies in the U.S., Canada and Bermuda brought in a total of $11.60 billion in March 2022, according to S&P Global Market Intelligence data.

The raise, which was fueled by senior debt offerings, is a substantial increase from the sectors' capital markets activity in January and February, which raised $1.21 billion and $5.71 billion, respectively.

Rogers Communications Inc. took over the top two spots for the capital raises for the combined sectors year to date with the private placement of two senior debt offerings, each raising $2.00 billion for the wireless telecommunication services company.

Charter Communications Inc. unit Charter Communications Operating LLC ranked third, raising $1.50 billion via an underwritten offering of senior notes. The cable and satellite company plans to use the proceeds for general corporate purposes, working capital, repayment of existing debt and repurchase of securities.

Within the broader media and telecom sectors, wireless telecommunication services companies had the highest total raise year to date, coming to about $7.80 billion, while cable and satellite companies and integrated telecommunication services companies raised $3.50 billion and $3.31 billion, respectively.