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Financings

TELUS Announces Cash Tender Offers for Seven Series of Debt Securities

By The Northwire Desk — AI Analysis Dec 04, 2025 · 08:19 T · 18.55 TELUS CORPORATION
T · Price

Executive Summary

  • TELUS announced cash tender offers to repurchase up to C$500 million of outstanding notes across seven series.
  • The offers are subject to a financing condition and may be adjusted (increased, decreased or waived) at TELUS’s discretion.
  • Offers expire on 5:00 p.m. ET on December 11, 2025 with settlement expected on December 16, 2025.

Key Details

  • Maximum Purchase Amount: Up to C$500 million in aggregate purchase price (excluding accrued interest).
  • Series & Principal Outstanding:
  • 3.95% Notes, Series CAB – C$105.3 M (due Feb 2050) – Fixed Spread +145 bps
  • 4.10% Notes, Series CAE – C$78.1 M (due Apr 2051) – Fixed Spread +145 bps
  • 4.40% Notes, Series CU – C$233.2 M (due Jan 2046) – Fixed Spread +135 bps
  • 4.40% Notes, Series CL – C$600.0 M (due Apr 2043) – Fixed Spread +125 bps
  • 4.70% Notes, Series CW – C$475.0 M (due Mar 2048) – Fixed Spread +130 bps
  • 2.85% Notes, Series CAF – C$750.0 M (due Nov 2031) – Fixed Spread +60 bps

  • 4.75% Notes, Series CR – C$400.0 M (due Jan 2045) – Fixed Spread +130 bps

  • Pricing Mechanism: Total consideration per C$1,000 principal equals the applicable fixed spread plus the yield of the referenced Canadian benchmark security (quoted on Bloomberg as of 11:00 a.m. ET Dec 12, 2025). Accrued coupon payments are paid in cash separately.

  • Expiration & Withdrawal Dates:

  • Expiration – 5:00 p.m. ET, Dec 11, 2025 (may be extended or terminated).

  • Withdrawal – any time prior to expiration.

  • Settlement: Expected three business days after expiration (≈Dec 16, 2025), subject to extension.

  • Financing Condition: Offer contingent on TELUS securing sufficient net proceeds from other debt issuances by the settlement date; condition may be waived at TELUS’s discretion.

  • Dealer Managers: CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., and TD Securities Inc. act as lead dealer managers.

  • Tender Agent: Computershare Investor Services Inc.

  • Regulatory Notices: Offer not available to U.S. persons; compliance with applicable securities laws required.

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →

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