Base shelf prospectus is accessible, and
prospectus supplement will be accessible within two business days,
through SEDAR+
6.25% Fixed-to-Fixed Rate Junior Subordinated
Notes, Series CAR due July 21, 2055
6.75% Fixed-to-Fixed Rate Junior Subordinated
Notes, Series CAS due July 21, 2055
VANCOUVER, BC, April 15,
2025 /PRNewswire/ - TELUS announced today it has
priced $1.6 billion of
fixed-to-fixed rate junior subordinated notes in two series, each
with a 30.25-year maturity. The notes are offered through a
syndicate of agents led by RBC Dominion Securities Inc., Scotia
Capital Inc. and TD Securities Inc. Closing of the offering is
expected to occur on or about April 21,
2025.
The 6.25% fixed-to-fixed rate junior subordinated notes, Series
CAR, were priced at $99.965 per
$100 principal amount for an initial
effective yield of 6.25% per annum until July 21, 2030, and will mature on July 21, 2055. The 6.25% fixed-to-fixed rate
junior subordinated notes, Series CAR will initially bear interest
at a rate of 6.25% per annum and reset every five years starting
July 21, 2030 to the prevailing
five-year Government of Canada
rate plus 3.482%, provided that the interest rate during any
five-year interest period will not reset below 6.25%.
The 6.75% fixed-to-fixed rate junior subordinated notes, Series
CAS, were priced at $99.959 per
$100 principal amount for an initial
effective yield of 6.75% per annum until July 21, 2035, and will mature on July 21, 2055. The 6.75% fixed-to-fixed rate
junior subordinated notes, Series CAS will initially bear interest
at a rate of 6.75% per annum and reset every five years starting
July 21, 2035 to the prevailing
five-year Government of Canada
rate plus 3.609%, provided that the interest rate during any
five-year interest period will not reset below 6.75%.
The net proceeds will be used for the repayment of outstanding
indebtedness, including the repayment of commercial paper (incurred
for general working capital purposes), the reduction of cash
amounts outstanding under the receivables trust (incurred for
general working capital purposes), the repayment of TELUS
Corporation credit facility amounts outstanding, and for other
general corporate purposes.
TELUS has been advised that credit rating agencies that have
rated these notes have assigned 50% equity credit to the notes.
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. The notes have
not been registered under the U.S. Securities Act of 1933, as
amended, and no notes are being offered in the United States or to or for the account or
benefit of any U.S. person.
The notes are being offered pursuant to a prospectus supplement
to the short form base shelf prospectus of TELUS dated August 2, 2024. The prospectus supplement and the
corresponding short form base shelf prospectus contain important
detailed information about the notes. Access to the prospectus
supplement and the base shelf prospectus, and any amendments to the
thereto, are provided in accordance with securities legislation
relating to the procedures for providing access to such documents.
An electronic or paper copy of the prospectus supplement and
corresponding short form base shelf prospectus relating to the
offering of notes may be obtained, without charge, 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) or from RBC
Dominion Securities Inc. by phone at 416-842-6311 or email at
TorontoSyndicate@rbccm.com, Scotia Capital Inc. by phone at
416-863-7438 or email at syndicate.toronto@scotiabank.com or TD
Securities Inc. by phone at 416-982-2243 or email at
TDCAN-Syndicate@tdsecurities.com by providing an email address or
mailing address, as applicable. Copies of these documents will be
accessible electronically within two business days of the date
hereof on the System for Electronic Data Analysis and Retrieval+
("SEDAR+") of the Canadian Securities Administrators, at
www.sedarplus.ca. Investors should read the short form base
shelf prospectus and prospectus supplement before making an
investment decision.
Forward-Looking Statements
This 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. 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 the qualifications and risk factors as set out in
our 2024 annual management's discussion and analysis and in other
TELUS public disclosure documents and filings with securities
commissions in Canada (on SEDAR+
at sedarplus.ca) and in the United
States (on EDGAR 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 TELUS
TELUS (TSX: T, NYSE: TU) is a world-leading communications
technology company, generating over $20
billion in annual revenue with more than 20 million customer
connections through our advanced suite of broadband services for
consumers, businesses and the public sector. We are committed to
leveraging our technology to enable remarkable human outcomes.
TELUS is passionate about putting our customers and communities
first, leading the way globally in client service excellence and
social capitalism. Our TELUS Health business is enhancing 76
million lives worldwide through innovative preventive medicine and
well-being technologies. Our TELUS Agriculture & Consumer Goods
business utilizes digital technologies and data insights to
optimize the connection between producers and consumers. Guided by
our enduring 'give where we live' philosophy, TELUS, our team
members and retirees have contributed $1.8
billion in cash, in-kind contributions, time and programs
including 2.4 million days of service since 2000, earning us the
distinction of the world's most giving company. For more
information, please visit telus.com or follow @TELUSNews on X and
@Darren_Entwistle on Instagram.
Investor Relations
Ian
McMillan
ir@telus.com
Media Relations
Steve
Beisswanger
Steve.Beisswanger@telus.com
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SOURCE TELUS Corporation