#Canada #Vancouver #Debt Securities #Cash Tender #TELUS

TELUS Corporation Upsizes Cash Tender Offers for Debt Securities

TELUS Corporation has made significant strides in its recent financial maneuvers with an announcement on December 12, 2025, revealing updates on its cash tender offers for several series of its debt securities. The Canadian telecommunications giant informed investors about an increase in the Maximum Purchase Amount, raising it from C$500,000,000 to an adequate level to cover all tendered specific notes in full. This strategic move is part of its continuous effort to optimize capital management and strengthen its balance sheet.

Overview of the Offers

The offers were open to purchase cash for an aggregate amount of outstanding notes linked to various series, all listed in the latest report. The adjustment in the purchase amount allows TELUS to accept all tendered 3.95% Notes (Series CAB) due February 2050, 4.10% Notes (Series CAE) due April 2051, 4.40% Notes (Series CU) due January 2046, 4.40% Notes (Series CL) due April 2043, and 4.70% Notes (Series CW) due March 2048 in full.

According to recent data from Computershare Investor Services Inc., the Offer’s tendering process resulted in an impressive C$1,873,961,000 worth of notes validly tendered before the expiration deadline on December 11, 2025. This indicates a robust investor interest and confidence in TELUS’s financial health.

Here are the key notes involved in this tender offer:

• - 3.95% Notes, Series CAB due February 2050: C$105,257,000 outstanding, with C$31,933,000 tendered.
• - 4.10% Notes, Series CAE due April 2051: C$78,105,000 outstanding, with C$28,867,000 tendered.
• - 4.40% Notes, Series CU due January 2046: C$233,187,000 outstanding, with C$173,548,000 tendered.
• - 4.40% Notes, Series CL due April 2043: C$600,000,000 outstanding, with C$467,441,000 tendered.
• - 4.70% Notes, Series CW due March 2048: C$475,000,000 outstanding, with C$386,386,000 tendered.

The total principal retirement amount signifies TELUS’s proactive motivation to manage its debt profile effectively, taking advantage of favorable market conditions. However, not all notes were accepted; none of the 2.85% Notes (Series CAF) due November 2031 and 4.75% Notes (Series CR) due January 2045 were included in the acceptance due to their respective conditions.

Terms for the Tender Offers

The offers were structured according to the conditions laid out in the Offer to Purchase document disclosed on December 4, 2025. The latest announcements provide a clear outlook on the expected pricing and settlement of the notes. Pricing specifics are anticipated to occur at 11:00 AM Eastern time on December 12, 2025, which will subsequently reveal the final acceptance amounts and yields for the notes that were successfully tendered.

Holders whose notes are accepted will receive an accrued coupon payment in addition to the Total Consideration. However, they will lose all rights associated with their accepted notes post that date. The settlement for these will be conducted on December 16, 2025, wherein affected holders should recognize that interest on accepted notes will no longer accrue thereafter.

As part of these offers, TELUS has appointed several lead dealer managers to facilitate the successful completion of these tender offers. Key contacts for inquiries regarding terms of the offers include entities like CIBC World Markets Inc. and BMO Nesbitt Burns Inc.

Conclusion

In conclusion, TELUS Corporation’s upsizing of cash tender offers demonstrates a vital strategy to bolster its financial standing. With the successful uptake of substantial amounts of its securities and a clear timeline for future settlements, TELUS is set to strengthen its capital base while continuously serving its clientele effectively across Canada and internationally. As investors await the final figures post-pricing, TELUS's commitment to sound financial practices continues to be affirmed through these strategic moves.