TELUS Announces Upsizing and Results of its Cash Tender Offers for Seven Series of Debt Securities

Executive Summary

• TELUS announced the results of its cash tender offers for seven series of senior notes, with holders tendering C$1.873 billion in principal.
• The company increased the maximum purchase amount to fully accept all tendered 3.95%–4.70% notes, up‑sizing the offer beyond the original C$500 million limit.
• Pricing and settlement are scheduled for December 12 2025 (pricing) and December 16 2025 (settlement), with accrued coupon payments to be paid in cash.

Key Details

• Tendered Principal: C$1,873,961,000 across seven note series was validly tendered as of the expiration date (Dec 11, 2025).
• Series Accepted for Purchase:
• 3.95% Notes, Series CAB – C$31,933,000
• 4.10% Notes, Series CAE – C$28,867,000
• 4.40% Notes, Series CU – C$173,548,000
• 4.40% Notes, Series CL – C$467,441,000
• 4.70% Notes, Series CW – C$386,386,000
• Series Not Accepted: No acceptance for 2.85% Notes (Series CAF) or 4.75% Notes (Series CR).
• Maximum Purchase Amount Upsized: Increased from C$500 million to an amount sufficient to purchase all tendered notes in the five accepted series.
• Financing Condition Satisfied: Completion of concurrent offerings of Canadian junior subordinated notes (CAD 800 M) and U.S. junior subordinated notes (US 1.5 B).
• Pricing Mechanics: Total consideration per C$1,000 principal = Fixed Spread (per table) + applicable yield based on Bloomberg reference price as of 11:00 a.m. ET on Dec 12, 2025; accrued coupon paid in addition.
• Settlement Date: Expected December 16, 2025; holders of accepted notes will lose all rights and interest will cease accruing on that date.
• Dealer Managers: Lead – CIBC World Markets, BMO Nesbitt Burns, RBC Dominion Securities, Scotia Capital, TD Securities; Co‑dealers – Desjardins Securities, National Bank Financial, Wells Fargo Securities Canada, BNP Paribas (Canada), SMBC Nikko Securities Canada, ATB Securities.
• Regulatory Notices: Offer not available to U.S. persons; compliance with Canadian securities laws and applicable licensing requirements emphasized.

Notable Quotes

(No executive quotes were included in the release.)