TELUS ANNOUNCES RESULTS OF ITS CASH TENDER OFFERS FOR TWO SERIES OF DEBT SECURITIES
TELUS Corporation (NYSE:TU) has announced the results of its cash tender offers for two series of debt securities. The company accepted for purchase a combined US$318,255,000 aggregate principal amount of Notes that were validly tendered before the June 27, 2025 expiration date, with an additional US$789,000 tendered under guaranteed delivery procedures.
The tender offers included the 4.600% Notes due November 16, 2048 (US$189,405,000 accepted) and the 4.300% Notes due June 15, 2049 (US$128,850,000 accepted). The total consideration per US$1,000 principal amount is US$834.11 and US$788.18 respectively. The settlement date is set for July 3, 2025.
The company confirmed that the Maximum Purchase Amount condition of US$750,000,000 has been satisfied, and all validly tendered Notes have been accepted for purchase. The financing condition was met through TELUS's recent closing of US$1.5 billion junior subordinated notes offering.
TELUS Corporation (NYSE:TU) ha annunciato i risultati delle sue offerte di acquisto in contanti per due serie di titoli di debito. La società ha accettato per l'acquisto un importo principale complessivo di 318.255.000 USD di Note valide presentate entro la data di scadenza del 27 giugno 2025, con ulteriori 789.000 USD presentati tramite procedure di consegna garantita.
Le offerte di acquisto includevano le Note al 4,600% con scadenza il 16 novembre 2048 (accettate per 189.405.000 USD) e le Note al 4,300% con scadenza il 15 giugno 2049 (accettate per 128.850.000 USD). Il corrispettivo totale per ogni 1.000 USD di valore nominale è rispettivamente di 834,11 USD e 788,18 USD. La data di regolamento è fissata per il 3 luglio 2025.
La società ha confermato che la condizione di Importo Massimo di Acquisto di 750.000.000 USD è stata soddisfatta e tutte le Note valide presentate sono state accettate per l'acquisto. La condizione di finanziamento è stata raggiunta grazie alla recente chiusura dell'offerta di Note subordinate junior per un importo di 1,5 miliardi di USD da parte di TELUS.
TELUS Corporation (NYSE:TU) ha anunciado los resultados de sus ofertas públicas de adquisición en efectivo para dos series de valores de deuda. La compañía aceptó para compra un monto principal combinado de 318.255.000 USD de Notas válidamente presentadas antes de la fecha de vencimiento del 27 de junio de 2025, con un adicional de 789.000 USD presentado bajo procedimientos de entrega garantizada.
Las ofertas incluyeron las Notas al 4,600% con vencimiento el 16 de noviembre de 2048 (aceptadas por 189.405.000 USD) y las Notas al 4,300% con vencimiento el 15 de junio de 2049 (aceptadas por 128.850.000 USD). La consideración total por cada 1.000 USD de monto principal es de 834,11 USD y 788,18 USD respectivamente. La fecha de liquidación está fijada para el 3 de julio de 2025.
La compañía confirmó que se ha cumplido la condición de Monto Máximo de Compra de 750.000.000 USD y que todas las Notas válidamente presentadas han sido aceptadas para su compra. La condición de financiamiento se cumplió gracias al cierre reciente de la oferta de notas subordinadas junior por 1.500 millones de USD de TELUS.
TELUS Corporation (NYSE:TU)가 � 가지 채무 증권 시리즈에 대� 현금 공개 매수 결과� 발표했습니다. 회사� 2025� 6� 27� 만료� 이전� 유효하게 제출� � 3� 1,825� 5,000달러 상당� 채권� 매입하기� 승인했으�, 추가� 78� 9,000달러가 보증� 인도 절차� 통해 제출되었습니�.
매수 제안에는 2048� 11� 16� 만기 4.600% 채권(1� 8,940� 5,000달러 매입 승인)� 2049� 6� 15� 만기 4.300% 채권(1� 2,885� 달러 매입 승인)� 포함되었습니�. 1,000달러 액면가� � 대가� 각각 834.11달러와 788.18달러입니�. 결제일은 2025� 7� 3일로 예정되어 있습니다.
회사� 최대 매입 한도 조건� 7� 5,000� 달러가 충족되었으며, 모든 유효하게 제출� 채권� 매입 승인� 받았다고 확인했습니다. 자금 조달 조건은 TELUS가 최근 완료� 15� 달러 규모� 후순� 채권 발행� 통해 충족되었습니�.
TELUS Corporation (NYSE:TU) a annoncé les résultats de ses offres publiques d'achat en espèces pour deux séries de titres de dette. La société a accepté d'acheter un montant principal combiné de 318 255 000 USD de billets valablement présentés avant la date d'expiration du 27 juin 2025, avec un supplément de 789 000 USD présenté dans le cadre de procédures de livraison garantie.
Les offres comprenaient les billets à 4,600 % échéant le 16 novembre 2048 (189 405 000 USD acceptés) et les billets à 4,300 % échéant le 15 juin 2049 (128 850 000 USD acceptés). La contrepartie totale par tranche de 1 000 USD de montant principal est respectivement de 834,11 USD et 788,18 USD. La date de règlement est fixée au 3 juillet 2025.
La société a confirmé que la condition de montant maximum d'achat de 750 000 000 USD a été satisfaite et que tous les billets valablement présentés ont été acceptés pour achat. La condition de financement a été remplie grâce à la clôture récente de l'émission de billets subordonnés juniors de 1,5 milliard USD par TELUS.
TELUS Corporation (NYSE:TU) hat die Ergebnisse ihrer Barkaufangebote für zwei Serien von Schuldverschreibungen bekannt gegeben. Das Unternehmen hat ein kombiniertes Nennbetrag von 318.255.000 USD an gültig eingereichten Notes vor dem Ablaufdatum am 27. Juni 2025 zum Kauf angenommen, zusätzlich wurden 789.000 USD im Rahmen von garantierten Lieferverfahren eingereicht.
Die Kaufangebote umfassten die 4,600% Notes mit Fälligkeit am 16. November 2048 (angenommen für 189.405.000 USD) und die 4,300% Notes mit Fälligkeit am 15. Juni 2049 (angenommen für 128.850.000 USD). Die Gesamtabfindung pro 1.000 USD Nennwert beträgt jeweils 834,11 USD bzw. 788,18 USD. Das Abrechnungsdatum ist auf den 3. Juli 2025 festgesetzt.
Das Unternehmen bestätigte, dass die Bedingung des maximalen Kaufbetrags von 750.000.000 USD erfüllt wurde und alle gültig eingereichten Notes zum Kauf angenommen wurden. Die Finanzierungsbedingung wurde durch den kürzlichen Abschluss eines Angebots von nachrangigen Junior-Anleihen in Höhe von 1,5 Milliarden USD von TELUS erfüllt.
- All validly tendered Notes were accepted for purchase, indicating strong execution of the tender offer
- Successful completion of US$1.5 billion junior subordinated notes offering to support the tender offers
- Tender offers were within the Maximum Purchase Amount of US$750 million, showing controlled debt management
- Company will need to pay premium prices for the Notes (US$834.11 and US$788.18 per US$1,000 principal amount)
- Additional accrued interest payments required on accepted Notes until settlement date
Insights
TELUS is executing a debt refinancing strategy, replacing higher-rate debt with new issuance to optimize its capital structure.
TELUS Corporation has successfully executed a significant liability management operation through its tender offers, repurchasing approximately
This tender offer is being funded through a recently completed
From a financial structure perspective, this transaction will likely extend TELUS's debt maturity profile while potentially reducing overall interest expenses. The use of junior subordinated notes to fund senior note repurchases may also indicate a strategic shift in the company's capital structure, potentially allowing for greater financial flexibility. The Maximum Purchase Amount was set at
The Offers were made upon the terms and subject to the conditions set forth in the Offer to Purchase dated June 20, 2025 relating to the Notes (the "Offer to Purchase") and the notice of guaranteed delivery attached as Appendix A thereto (together with the Offer to Purchase, the "Tender Offer Documents"). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.
The Offers expired at 5:00 p.m. (Eastern time) on June 27, 2025 (the "Expiration Date"). The Guaranteed Delivery Date is 5:00 p.m. (Eastern time) on July 1, 2025. The Settlement Date will be July 3, 2025.
According to information provided by Global Bondholder Services Corporation, the Information and Tender Agent in connection with the Offers,
Acceptance | Title of | CUSIP / ISIN | Principal | Total | Principal | Principal | Principal | |||||||
1 |
| 87971M BH5 / | ||||||||||||
2 |
| 87971M BK8 / |
_____________ | |
(1) | No representation is made by the Company as to the correctness or accuracy of the CUSIP numbers or ISINs listed in this news release or printed on the Notes. They are provided solely for convenience. |
(2) | The total consideration for each series of Notes (such consideration, the "Total Consideration") payable per each |
(3) | The amounts exclude the principal amounts of Notes for which Holders have complied with certain procedures applicable to guaranteed delivery pursuant to the Guaranteed Delivery Procedures. Such amounts remain subject to the Guaranteed Delivery Procedures. Notes tendered pursuant to the Guaranteed Delivery Procedures are required to be tendered at or prior to 5:00 p.m. (Eastern time) on July 1. |
Overall,
The financing condition described in the Tender Offer Documents has been satisfied as a result of the closing of the Company's previously announced offering of junior subordinated notes in an aggregate principal amount of
Upon the terms and subject to the conditions set forth in the Offer to Purchase, Holders whose Notes have been accepted for purchase in the Offers will receive the applicable Total Consideration specified in the table above for each
In addition to the applicable Total Consideration, Holders whose Notes have been accepted for purchase will be paid the Accrued Coupon Payment. Interest will cease to accrue on the Settlement Date for all Notes accepted in the Offers, including those tendered pursuant to the Guaranteed Delivery Procedures. Under no circumstances will any interest be payable because of any delay in the transmission of funds to Holders by the Depository Trust Company ("DTC") or its participants.
The Company has retained J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC to act as lead dealer managers and BMO Capital Markets Corp., CIBC World Markets Corp., Scotia Capital (
Global Bondholder Services Corporation is acting as the Information and Tender Agent for the Offers. Questions or requests for assistance related to the Offers or for additional copies of the Offer to Purchase may be directed to Global Bondholder Services Corporation in
If the Company terminates any Offer with respect to one or more series of Notes, it will give prompt notice to the Information and Tender Agent, and all Notes tendered pursuant to such terminated Offer will be returned promptly to the tendering Holders thereof. Upon such termination, any Notes blocked in DTC will be released.
This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to sell any Notes or any other securities, and is not an offer to sell or the solicitation of an offer to buy any securities, of the Company or any of its subsidiaries. The Offers were made solely pursuant to the Offer to Purchase. The Offers were not made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, "blue sky" or other laws of such jurisdiction. In any jurisdiction in which the securities or "blue sky" laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to have been made on behalf of the Company by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
No action has been or will be taken in any jurisdiction that would permit the possession, circulation or distribution of either this announcement, the Offer to Purchase or any material relating to us or the Notes in any jurisdiction where action for that purpose is required. Accordingly, neither this announcement, the Offer to Purchase nor any other offering material or advertisements in connection with the Offers may be distributed or published, in or from any such country or jurisdiction, except in compliance with any applicable rules or regulations of any such country or jurisdiction.
Forward-looking Statements
This news release contains statements about future events, including statements regarding the terms and timing for completion of the Offers, including the expected Settlement Date thereof and the satisfaction or waiver of certain conditions of the Offers. By their nature, forward-looking statements require us to make assumptions and predictions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. Forward-looking statements are provided herein for the purpose of giving information about the Offers referred to above. Readers are cautioned that such information may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from those described in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and the qualifications and risk factors as set out in our 2024 annual management's discussion and analysis and in our first quarter 2025 management's discussion and analysis and other TELUS public disclosure documents and filings with securities commissions in
About TELUS
TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company operating in more than 45 countries and generating over
Investor Relations
Bill Zhang
[email protected]
Media Relations
Steve Beisswanger
[email protected]
View original content to download multimedia:
SOURCE TELUS Corporation