TELUS Corporation announced the issuance of CAD 700 million in 4.65% Notes, Series CAQ, on August 8, 2024. The offering closed on August 13, 2024, with the Notes set to mature on the same date in 2031. The Notes carry an annual interest rate of 4.65%, payable semi-annually on February 13 and August 13, beginning in 2025. TELUS has the option to redeem the Notes prior to June 13, 2031, at a price equal to the greater of their discounted value or 100% of the principal amount. After this date, the Notes may be redeemed at 100% of the principal amount.

The net proceeds from the issuance, estimated at approximately CAD 697 million after agent fees, will be used to repay outstanding commercial paper, reduce obligations under the receivables trust, and for other general corporate purposes. The offering was conducted on a best-efforts basis and involved multiple agents: BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., J.P. Morgan Securities Canada Inc., National Bank Financial Inc., Wells Fargo Securities Canada, Ltd., SMBC Nikko Securities Canada, Ltd., and ATB Securities Inc. TELUS was advised by Norton Rose Fulbright Canada LLP, while Osler, Hoskin & Harcourt LLP represented the agents. Due to existing financial arrangements, such as credit facilities, TELUS is considered a connected issuer to several of the participating agents.