TELUS announces debt offering
May 21 2020 - 11:40PM
TELUS announced today a dual-tranche offering of $600 million of
senior unsecured Series CAC notes maturing in 2028 and a $400
million re-opening of its Series CAB notes maturing in 2050. The
notes are offered through a syndicate of agents led by RBC Capital
Markets, BMO Capital Markets, Scotiabank and TD Securities Inc.
Closing of the offering is expected to occur on or about May 29,
2020.
The 2.35% Series CAC notes were priced at $99.725
per $100 principal amount for an effective yield of 2.389% per
annum and will mature on January 27, 2028. The 3.95% Series CAB
notes were priced at $100.353 per $100 principal amount for an
effective yield of 3.929% per annum and will mature on February 16,
2050.
The net proceeds of this offering will be used for
the redemption of all of the C$400 million principal amount
outstanding on the Company’s 3.60% Series CM Notes due January 26,
2021 (the “Series CM Notes”) and all of the C$500 million principal
amount outstanding on the Company’s 3.20% Series CO Notes due April
5, 2021 (the “Series CO Notes”) and for general corporate purposes.
TELUS would only become obligated to complete a redemption of the
Series CM Notes and the Series CO Notes if and when it gives
notices of redemption in accordance with the governing trust
indenture.
TELUS will be filing a prospectus supplement to its
short form base shelf prospectus dated May 13, 2020 with securities
regulatory authorities in each of the provinces of Canada. The
notes are not being offered in the United States or to any resident
of the United States.
This media release does not constitute an offer to
sell or the solicitation of an offer to buy the securities in any
jurisdiction. The securities being offered have not been approved
or disapproved by any Canadian securities regulatory authority, nor
has any authority passed upon the accuracy or adequacy of the short
form base shelf prospectus or the prospectus supplement.
Copies of the short form base shelf prospectus and
the prospectus supplement relating to the offering of the notes
when filed with securities regulatory authorities in Canada may be
obtained from the Chief Legal and Governance Officer of TELUS at
510 W. Georgia St., 23rd Floor, Vancouver, British Columbia V6B 0M3
(telephone 604-695-6420). Copies of these documents are, or will
be, available electronically on the System for Electronic Document
Analysis and Retrieval of the Canadian Securities Administrators
(“SEDAR”), at www.sedar.com.
Forward-Looking
StatementsThis news release contains
statements about future events pertaining to the offering,
including the anticipated closing date of the offering and the
intended use of the net proceeds of the offering, including the
redemption of the Series CM Notes and the Series CO Notes, that are
forward-looking. By their nature, forward-looking statements
require us to make assumptions and predictions and are subject to
inherent risks and uncertainties including risks associated with
capital and debt markets. There is significant risk that the
forward-looking statements will not prove to be accurate. The
timing and closing of the above-mentioned offering are subject to
customary closing conditions and other risks and uncertainties.
Readers are cautioned not to place undue reliance on
forward-looking statements as a number of factors could cause
actual future performance and events to differ materially from
those described in the forward-looking statements. Accordingly,
this news release is subject to the disclaimer and qualified by the
assumptions, qualifications and risk factors referred to in our
2019 annual management’s discussion and analysis and our Q1 2020
management’s discussion and analysis, and in other TELUS public
disclosure documents and filings with securities commissions in
Canada (on SEDAR at sedar.com) and in the United States (the
Electronic Data Gathering, Analysis, and Retrieval system,
administered by the US Securities and Exchange Commission at
sec.gov). The forward-looking statements contained in this news
release describe our expectations at the date of this news release
and, accordingly, are subject to change after such date. Except as
required by law, TELUS disclaims any intention or obligation to
update or revise forward-looking statements.
About
TELUSTELUS (TSX: T, NYSE: TU) is a
dynamic, world-leading communications and information technology
company with $14.8 billion in annual revenue and 15.3 million
customer connections spanning wireless, data, IP, voice,
television, entertainment, video and security. We leverage our
global-leading technology to enable remarkable human outcomes. Our
longstanding commitment to putting our customers first fuels every
aspect of our business, making us a distinct leader in customer
service excellence and loyalty. TELUS Health is Canada's largest
healthcare IT provider, and TELUS International delivers the most
innovative business process solutions to some of the world’s most
established brands.
For more information about TELUS, please visit
telus.com.
For more information,
please contact:
TELUS Investor Relations Ian
McMillan604-695-4539ir@telus.com
TELUS Media Relations Francois
Gaboury438-862-5136francois.gaboury@telus.com
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