TELUS Prices $800 Mln Re-opening Of Fixed-to-fixed Rate Junior Subordinated Notes

June 17, 2025 01:36 PM AEST | By EODHD

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TELUS Prices $800 Mln Re-opening Of Fixed-to-fixed Rate Junior Subordinated Notes — Image source: Kalkine Media

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(RTTNews) - TELUS (T.TO, TU) announced that it has priced a $800 million re-opening of its fixed-to-fixed rate junior subordinated notes, Series CAR and Series CAS, each with a long 30-year maturity. The notes are offered through a syndicate of agents led by CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc. The company expects to close the offering on or about June 19, 2025. According to the company, the re-opened 6.25% fixed-to-fixed rate junior subordinated notes, Series CAR, priced at $102.625 per $100 principal amount for a re-opening yield of 5.612% per annum until July 21, 2030, will mature on July 21, 2055.

The 6.25% fixed-to-fixed rate junior subordinated notes, Series CAR will initially bear interest at a rate of 6.25% per annum and reset every five years starting July 21, 2030 to the prevailing five-year Government of Canada rate plus 3.482%, provided that the interest rate during any five-year interest period will not reset below 6.25%. The company stated that the re-opened 6.75% fixed-to-fixed rate junior subordinated notes, Series CAS, priced at $104.500 per $100 principal amount for a re-opening yield of 6.127% per annum until July 21, 2035, will mature on July 21, 2055. The 6.75% fixed-to-fixed rate junior subordinated notes, Series CAS will initially bear interest at a rate of 6.75% per annum and reset every five years starting July 21, 2035 to the prevailing five-year Government of Canada rate plus 3.609%, provided that the interest rate during any five-year interest period will not reset below 6.75%. The company stated that it will use net proceeds to reduce outstanding indebtedness, including to reduce the amount of commercial paper outstanding, and for other general corporate purposes. Pending any such use of the net proceeds, the company will invest the net proceeds in short-term investment grade securities, money market funds or bank deposits.

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