TELUS Corporation announced on March 23, 2023, the issuance of $500 million in Sustainability-Linked Notes, Series CAJ, which closed on March 28, 2023. The 10-year notes bear a 4.95% annual interest rate, with a potential 0.75% increase if TELUS fails to reduce Scope 1 and 2 GHG emissions by 46% from 2019 levels by 2030. Net proceeds of approximately $497 million will be used to repay commercial paper, reduce receivables trust balances, and fund general corporate purposes.

Legal advisors included Norton Rose Fulbright Canada LLP for TELUS and Osler, Hoskin & Harcourt LLP for the agents. The offering was underwritten by a syndicate of agents comprising BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc., J.P. Morgan Securities Canada Inc., Wells Fargo Securities Canada, Ltd., SMBC Nikko Securities Canada, Ltd., and ATB Capital Markets Inc. The bonds are unsecured and will not be listed on public exchanges.