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VANCOUVER, BC – Dec. 12, 2025 – TELUS Corporation (the “Company”) announced today the results of its previously disclosed cash‑tender offers for several series of its outstanding senior notes. The Company also confirmed that it has increased the maximum purchase amount for each series, enabling it to accept all tendered notes in full for the five series listed below.
The Offers
The cash‑tender offers were made under the terms set out in the Offer to Purchase dated Dec. 4, 2025. According to Computershare Investor Services Inc., the Tender Agent, holders tendered notes with a combined principal amount of C$1.874 billion before the 5:00 p.m. Eastern deadline on Dec. 11, 2025. The table below summarizes the series of notes, the principal amounts outstanding, and the portions that were tendered and accepted.
| Title of Notes | Principal Amount Outstanding | CUSIP / ISIN | Reference Security | Bloomberg Reference Page | Fixed Spread (bps) | Principal Amount Tendered | Indicative Acceptance Amount |
|---|---|---|---|---|---|---|---|
| 3.95% Notes, Series CAB due Feb 2050 | C$105,257,000 | 87971MBP7 / CA87971MBP73 | CAN 2¾ 12/01/55 | FIT CAN0‑50 | +145 | C$31,933,000 | C$31,933,000 |
| 4.10% Notes, Series CAE due Apr 2051 | C$78,105,000 | 87971MBT9 / CA87971MBT95 | CAN 2¾ 12/01/55 | FIT CAN0‑50 | +145 | C$28,867,000 | C$28,867,000 |
| 4.40% Notes, Series CU due Jan 2046 | C$233,187,000 | 87971MBB8 / CA87971MBB87 | CAN 2¾ 12/01/55 | FIT CAN0‑50 | +135 | C$173,548,000 | C$173,548,000 |
| 4.40% Notes, Series CL due Apr 2043 | C$600,000,000 | 87971MAS2 / CA87971MAS22 | CAN 2¾ 12/01/55 | FIT CAN0‑50 | +125 | C$467,441,000 | C$467,441,000 |
| 4.70% Notes, Series CW due Mar 2048 | C$475,000,000 | 87971MBE2 / CA87971MBE27 | CAN 2¾ 12/01/55 | FIT CAN0‑50 | +130 | C$386,386,000 | C$386,386,000 |
| 2.85% Notes, Series CAF due Nov 2031 | C$750,000,000 | 87971MBV4 / CA87971MBV42 | CAN 1½ 06/01/31 | FIT CAN0‑50 | +60 | C$431,006,000 | — |
| 4.75% Notes, Series CR due Jan 2045 | C$400,000,000 | 87971MAY9 / CA87971MAY99 | CAN 2¾ 12/01/55 | FIT CAN0‑50 | +130 | C$354,780,000 | — |
The Company expects to accept the following principal amounts for purchase:
- C$31.93 million of the 3.95% Series CAB notes
- C$28.87 million of the 4.10% Series CAE notes
- C$173.55 million of the 4.40% Series CU notes
- C$467.44 million of the 4.40% Series CL notes
- C$386.39 million of the 4.70% Series CW notes
No tenders were received for the 2.85% Series CAF or the 4.75% Series CR notes.
Financing Condition and Settlement
The financing condition attached to the Offer to Purchase has been satisfied by the closing of parallel offerings of Canadian and U.S. junior subordinated notes totaling CAD 800 million and US 1.5 billion, respectively. Pricing for the tendered notes is scheduled for 11:00 a.m. Eastern on Dec. 12, 2025, after which the final acceptance amounts, offer yields, and total consideration will be disclosed. Settlement is expected on Dec. 16, 2025, at which point holders of accepted notes will receive cash for the principal, accrued coupon, and the spread‑adjusted price, and will cease to have any further rights to the notes.
Dealer Management
The Company has engaged CIBC World Markets, BMO Nesbitt Burns, RBC Dominion Securities, Scotia Capital, and TD Securities as lead dealer managers, with additional support from Desjardins Securities, National Bank Financial, Wells Fargo Securities Canada, BNP Paribas Canada, SMBC Nikko Securities Canada, and ATB Securities.
Strategic Implications and Market Analysis
By up‑sizing its tender offers and committing to purchase the full amount of the tendered series, TELUS signals confidence in its balance‑sheet flexibility and its ability to manage debt maturities in a low‑interest‑rate environment. The selected series span a range of coupons from 3.95% to 4.70% and maturities from 2028 to 2050, reflecting a deliberate effort to diversify refinancing risk across both short‑ and long‑dated obligations.
From a capital‑structure perspective, the successful tender offers will reduce outstanding senior debt by roughly C$1.44 billion, improving the company’s leverage ratios and freeing covenant headroom for future strategic investments. This is particularly relevant as TELUS continues to expand its digital health, agricultural, and consumer‑goods platforms, which require substantial technology‑capex and potential acquisitions.
In the broader market context, Canada’s corporate bond market has seen tightening spreads as the Bank of Canada maintains a policy rate near 4.5%. TELUS’s ability to repurchase higher‑coupon notes at a modest spread premium (+125–+145 bps) suggests that investors still value the company’s creditworthiness. Moreover, the parallel issuance of CAD 800 million and US 1.5 billion of junior subordinated notes demonstrates TELUS’s access to both domestic and international capital pools, a benefit of its diversified earnings base and strong cash flow generation.
Technology-wise, the cash freed by the tender offers can be redeployed toward accelerating fiber‑to‑the‑home deployments, expanding 5G coverage, and integrating AI‑driven analytics into TELUS Health’s preventive‑medicine offerings. As the firm pursues data‑centric services, lower financing costs enhance the net present value of these long‑term growth projects.
Regulatory and Offer Restrictions
The tender offers were made solely in accordance with Canadian securities regulations. No solicitation was directed at U.S. persons, and offers were not made in jurisdictions where such an offering would be prohibited.
Forward‑Looking Statements
This release contains statements about future events, including anticipated pricing, settlement dates, and the impact of the offers on TELUS’s capital structure. Such statements are subject to risks and uncertainties, including fluctuations in market conditions, interest rates, and the company’s ability to execute its strategic initiatives. Actual results may differ materially from those expressed or implied herein.
About TELUS
TELUS (TSX: T, NYSE: TU) is a global communications‑technology company operating in more than 45 countries, generating over C$20 billion in annual revenue and serving more than 20 million customer connections. The company’s portfolio includes broadband services, digital health solutions reaching 160 million lives, agricultural and consumer‑goods platforms, and digital transformation services for enterprise clients. TELUS is recognized for its commitment to social capitalism, having contributed C$1.8 billion in cash, in‑kind donations, and volunteer time since 2000.
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