Telus Prices Junior Subordinated Notes Offerings

MT Newswires Live12-05

Telus (TU) said late Thursday it priced a $1.5 billion offering of fixed-to-fixed rate junior subordinated notes in two series.

The $800 million series C notes due June 9, 2056, will initially bear interest at an annual rate of 6.375%, while the $700 million series D notes due June 9, 2056, will initially bear a 6.625% rate.

Telus also said it priced an offering of 800 million Canadian dollars ($573.4 million) of fixed-to-fixed rate junior subordinated notes in two series.

The CA$400 million series CAT notes due June 9, 2056, will initially bear interest at an annual rate of 5.375%, while the CA$400 million Series CAU notes due June 9, 2056, will initially bear a 5.875% rate.

The rates on all series of notes will reset every five years, the company said.

Telus expects the offerings to close by Tuesday and plans to use the proceeds to help fund its cash tender offer for certain notes.

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