TELUS announces pricing of US$ and CAD$ junior subordinated notes offerings

Core Viewpoint - TELUS has announced the pricing of a US$1.5 billion offering of Fixed-to-Fixed Rate Junior Subordinated Notes, along with a CAD$800 million offering of similar notes, aimed at refinancing existing debt and funding a tender offer for outstanding notes [1][3][6]. Summary by Category Offering Details - The US$800 million Series C notes will have an initial interest rate of 6.375%, resetting every five years starting June 9, 2031, with a minimum rate of 6.375% [2]. - The US$700 million Series D notes will have an initial interest rate of 6.625%, resetting every five years starting June 9, 2036, with a minimum rate of 6.625% [2]. - The CAD$400 million Series CAT notes will have an initial interest rate of 5.375%, resetting every five years starting June 9, 2031, with a minimum rate of 5.375% [4]. - The CAD$400 million Series CAU notes will have an initial interest rate of 5.875%, resetting every five years starting June 9, 2036, with a minimum rate of 5.875% [4]. Underwriting and Closing - The US Notes are being offered through a syndicate led by CIBC Capital Markets, BMO Capital Markets, TD Securities, and Wells Fargo Securities, with closing expected around December 9, 2025 [3][5]. - The Canadian Notes are offered through a syndicate led by CIBC Capital Markets, BMO Capital Markets, and TD Securities, with the same expected closing date [5]. Use of Proceeds - A portion of the net proceeds from both offerings will fund a tender offer to purchase up to US$500 million of TELUS' outstanding notes, with the remaining proceeds allocated for debt repayment and general corporate purposes [6]. Regulatory Filings - The US Notes will be detailed in a prospectus supplement filed with the SEC, while the Canadian Notes will be described in a prospectus supplement filed with Canadian securities authorities [7][8]. Company Overview - TELUS operates in over 45 countries, generating over CAD$20 billion in annual revenue, and is committed to leveraging technology for positive human outcomes [12].