Telus begins cash tender offers for debt securities

Executive Summary

• Telus Corp. has commenced separate cash tender offers to purchase up to $500 million in aggregate principal amount of its outstanding notes across seven specific series.
• The offers are subject to a financing condition, requiring Telus to raise sufficient net proceeds through new debt issuances to fund the repurchases, accrued interest, and associated fees.
• The offers expire on December 11, 2025, with settlement expected on December 16, 2025, contingent on the satisfaction or waiver of conditions.

Key Details

• Aggregate Purchase Amount: Up to $500 million in aggregate purchase price, excluding accrued and unpaid interest.
• Discretionary Adjustments: Telus reserves the right to increase, decrease, or waive the maximum purchase amount in its sole discretion. The company may also accept significantly more or less of any series compared to others.
• Expiration Date: 5 p.m. Eastern Time on December 11, 2025 (unless extended or terminated).
• Withdrawal Deadline: Holders may validly withdraw notes at or prior to 5 p.m. Eastern Time on December 11, 2025.
• Settlement Date: Expected to be December 16, 2025 (three business days after expiration), subject to the satisfaction or waiver of conditions.
• Consideration: Holders of accepted notes will receive the applicable total consideration for each $1,000 principal amount in cash, plus accrued and unpaid interest from the preceding interest payment date to the settlement date.
• Price Determination: The total consideration for each series will be specified in a news release issued promptly after 11 a.m. Eastern Time on December 12, 2025.
• Financing Condition: The offers are conditioned on Telus raising net proceeds through one or more issuances of debt in public or private capital markets on terms reasonably satisfactory to the company. These proceeds must be sufficient to purchase all accepted notes, pay accrued interest, and cover fees/expenses.
• Conditions: The company reserves the right to waive any and all conditions. If conditions are not satisfied, Telus is not obligated to purchase any tendered notes and may terminate or alter the offers.
• Minimum Tender: There is no minimum aggregate principal amount required for any series.
• Lead Dealer Managers: CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., and TD Securities Inc.
• Tender Agent: Computershare Investor Services Inc.
• Contact Information: Specific phone numbers provided for CIBC, BMO, RBC, Scotia, and TD for questions regarding terms and conditions.

Notable Quotes

• No direct quotes from executives were included in the provided text.