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

Executive Summary

• TELUS priced a $1.5 billion aggregate principal amount of U.S. Fixed‑to‑Fixed Rate Junior Subordinated Notes (Series C & D) due 2056.
• TELUS also priced an $800 million aggregate principal amount of Canadian Fixed‑to‑Fixed Rate Junior Subordinated Notes (Series CAT & CAU) due 2056.
• Net proceeds will fund a tender offer to repurchase up to $500 million of existing notes and will be used for debt repayment (including $600 million of 3.75% Notes, Series CV) and general corporate purposes.

Key Details

• US Notes – Total Principal: US$1.5 billion
• Series C: US$800 million, 6.375% initial rate, resets every 5 years (≥ 6.375%) to 5‑yr U.S. Treasury + 2.694%, first reset June 9 2031.

• Series D: US$700 million, 6.625% initial rate, resets every 5 years (≥ 6.625%) to 5‑yr U.S. Treasury + 2.515%, first reset June 9 2036.

• Canadian Notes – Total Principal: CAD$800 million

• Series CAT: CAD$400 million, 5.375% initial rate, resets every 5 years (≥ 5.375%) to 5‑yr Canadian Govt. rate + 2.470%, first reset June 9 2031.

• Series CAU: CAD$400 million, 5.875% initial rate, resets every 5 years (≥ 5.875%) to 5‑yr Canadian Govt. rate + 2.555%, first reset June 9 2036.

• Underwriters / Agents:

• U.S. Notes: CIBC Capital Markets, BMO Capital Markets, TD Securities, Wells Fargo Securities (lead underwriters).

• Canadian Notes: CIBC Capital Markets, BMO Capital Markets, TD Securities (lead agents).

• Closing Date Expected: On or about December 9 2025, subject to customary closing conditions.

• Use of Proceeds:

• Portion allocated to a tender offer (initiated Dec 4 2025) to purchase up to $500 million of existing TELUS notes (Series CAB, CAE, CU, CL, CW, CAF, CR).

• Remaining proceeds earmarked for repayment of outstanding indebtedness, including redemption of the full $600 million principal on 3.75% Notes, Series CV due March 2026, and other general corporate purposes.

• Regulatory Filings:

• U.S. Notes described in a prospectus supplement to TELUS’s short‑form base shelf prospectus (Form F‑10) filed with the SEC.

• Canadian Notes described in a prospectus supplement to the same base shelf prospectus filed with provincial securities regulators (SEDAR+).

• Restrictions: U.S. Notes not offered in Canada (except exempt transactions); Canadian Notes not offered in the United States.

Notable Quotes

(No executive quotes were included in the release.)