Telus prices cash tender offers for seven note series

Executive Summary

• Telus Corp. has priced the terms of its cash tender offers for seven series of outstanding debt securities, following the satisfaction of financing conditions through the closing of concurrent offerings of Canadian and U.S. junior subordinated notes.
• The company successfully closed concurrent offerings of $800-million (Canadian) and $1.5-billion (U.S.) in junior subordinated notes, which satisfied the financing condition for the tender offers.
• Settlement for accepted notes is expected on December 16, 2025, at which time purchased notes will be retired and cancelled, with accrued interest paid to holders.

Key Details

• Transaction Type: Cash tender offers for seven series of outstanding debt securities.
• Financing Condition Satisfaction: The condition was satisfied by the closing of concurrent offerings of:
  • Canadian junior subordinated notes: $800-million aggregate principal amount.
  • U.S. junior subordinated notes: $1.5-billion aggregate principal amount.
• Settlement Date: Expected December 16, 2025.
• Consideration: Holders of accepted notes will receive the total consideration plus a cash payment equal to accrued and unpaid interest from the preceding interest payment date up to (but excluding) the settlement date.
• Outcome for Accepted Notes: Notes accepted for purchase will be retired and cancelled; they will no longer remain outstanding.
• Outcome for Unaccepted Notes: All notes not accepted will be returned without cost to the tendering holders.
• Lead Dealer Managers: CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., and TD Securities Inc.
• Co-Dealer Managers: Desjardins Securities Inc., National Bank Financial Inc., Wells Fargo Securities Canada Ltd., BNP Paribas (Canada) Securities Inc., SMBC Nikko Securities Canada Ltd., and ATB Securities Inc.
• Tender Agent: Computershare Investor Services Inc.

Notable Quotes

• None provided in the text.