TELUS Announces Upsizing and Results of its Cash Tender Offers for Eight Series of Debt Securities
TELUS (NYSE:TU) announced the upsizing and results of its cash tender offers for eight series of debt securities. The company has increased its Maximum Purchase Amount from the initial C$600 million to accommodate the full acceptance of tendered 3.95% Senior Notes, Series CAB due 2050 and 4.10% Senior Notes, Series CAE due 2051, plus approximately C$261.87 million of the 4.40% Senior Notes, Series CU due 2046.
A total of C$3.11 billion in aggregate principal amount of Notes were validly tendered before the June 27, 2025 expiration date. TELUS expects to accept: C$691.7 million of the 3.95% Notes due 2050, C$421.9 million of the 4.10% Notes due 2051, and C$261.9 million of the 4.40% Notes due 2046. The company will not accept any of the tendered notes from the remaining five series.
The settlement date is scheduled for July 3, 2025. The Financing Condition has been satisfied through TELUS's previously announced US$1.5 billion junior subordinated notes offering. The pricing will be determined at 11:00 a.m. Eastern time on June 30, 2025.
TELUS (NYSE:TU) ha annunciato l'aumento e i risultati delle sue offerte di acquisto in contanti per otto serie di titoli di debito. La società ha incrementato l'importo massimo di acquisto da C$600 milioni iniziali per accogliere l'intera accettazione delle note senior al 3,95%, Serie CAB, con scadenza 2050, e delle note senior al 4,10%, Serie CAE, con scadenza 2051, oltre a circa C$261,87 milioni delle note senior al 4,40%, Serie CU, con scadenza 2046.
Un totale di C$3,11 miliardi in valore nominale aggregato di note è stato validamente offerto entro la data di scadenza del 27 giugno 2025. TELUS prevede di accettare: C$691,7 milioni delle note al 3,95% con scadenza 2050, C$421,9 milioni delle note al 4,10% con scadenza 2051 e C$261,9 milioni delle note al 4,40% con scadenza 2046. La società non accetterà alcuna delle note offerte delle restanti cinque serie.
La data di regolamento è prevista per il 3 luglio 2025. La condizione di finanziamento è stata soddisfatta tramite l'offerta precedentemente annunciata di note subordinate junior per 1,5 miliardi di dollari USA. Il prezzo sarà determinato alle 11:00 ora orientale del 30 giugno 2025.
TELUS (NYSE:TU) anunció la ampliación y los resultados de sus ofertas públicas de compra en efectivo para ocho series de valores de deuda. La compañÃa ha incrementado su Monto Máximo de Compra desde los iniciales C$600 millones para acomodar la aceptación total de los bonos senior al 3.95%, Serie CAB con vencimiento en 2050, y bonos senior al 4.10%, Serie CAE con vencimiento en 2051, además de aproximadamente C$261.87 millones de los bonos senior al 4.40%, Serie CU con vencimiento en 2046.
Un total de C$3.11 mil millones en monto principal agregado de bonos fue válidamente ofrecido antes de la fecha de vencimiento del 27 de junio de 2025. TELUS espera aceptar: C$691.7 millones de los bonos al 3.95% con vencimiento en 2050, C$421.9 millones de los bonos al 4.10% con vencimiento en 2051 y C$261.9 millones de los bonos al 4.40% con vencimiento en 2046. La compañÃa no aceptará ninguno de los bonos ofrecidos de las otras cinco series restantes.
La fecha de liquidación está programada para el 3 de julio de 2025. La Condición de Financiamiento se ha cumplido a través de la oferta previamente anunciada de bonos subordinados junior por US$1.5 mil millones. El precio se determinará a las 11:00 a.m., hora del Este, el 30 de junio de 2025.
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TELUS (NYSE:TU) a annoncé l'augmentation et les résultats de ses offres publiques d'achat en espèces pour huit séries de titres de dette. La société a relevé son montant d'achat maximal initial de 600 millions de dollars canadiens afin de couvrir l'acceptation complète des billets à intérêt de 3,95 % de la série CAB échéance 2050, des billets à intérêt de 4,10 % de la série CAE échéance 2051, ainsi qu'environ 261,87 millions de dollars canadiens des billets à intérêt de 4,40 % de la série CU échéance 2046.
Un montant total de 3,11 milliards de dollars canadiens en principal agrégé a été valablement soumis avant la date d'expiration du 27 juin 2025. TELUS prévoit d'accepter : 691,7 millions de dollars canadiens des billets à 3,95 % échéance 2050, 421,9 millions de dollars canadiens des billets à 4,10 % échéance 2051, et 261,9 millions de dollars canadiens des billets à 4,40 % échéance 2046. La société n'acceptera aucune des notes soumises des cinq autres séries restantes.
La date de règlement est prévue pour le 3 juillet 2025. La condition de financement a été satisfaite grâce à l'émission précédemment annoncée d'obligations subordonnées juniors d'un montant de 1,5 milliard de dollars américains. Le prix sera fixé le 30 juin 2025 à 11h00, heure de l'Est.
TELUS (NYSE:TU) gab die Aufstockung und Ergebnisse seiner Barangebotsangebote für acht Serien von Schuldverschreibungen bekannt. Das Unternehmen hat den maximalen Kaufbetrag von ursprünglich C$600 Millionen erhöht, um die vollständige Annahme der 3,95% Senior Notes, Serie CAB mit Fälligkeit 2050, und der 4,10% Senior Notes, Serie CAE mit Fälligkeit 2051, sowie etwa C$261,87 Millionen der 4,40% Senior Notes, Serie CU mit Fälligkeit 2046, zu ermöglichen.
Vor dem Ablaufdatum am 27. Juni 2025 wurden insgesamt Schuldverschreibungen im Nennwert von C$3,11 Milliarden gültig angeboten. TELUS erwartet, C$691,7 Millionen der 3,95% Notes mit Fälligkeit 2050, C$421,9 Millionen der 4,10% Notes mit Fälligkeit 2051 und C$261,9 Millionen der 4,40% Notes mit Fälligkeit 2046 anzunehmen. Die Gesellschaft wird keine der angebotenen Schuldverschreibungen der übrigen fünf Serien annehmen.
Das Abwicklungsdatum ist für den 3. Juli 2025 geplant. Die Finanzierungsbedingung wurde durch das zuvor angekündigte Angebot von nachrangigen Junior-Anleihen im Wert von 1,5 Milliarden US-Dollar erfüllt. Die Preisfestsetzung erfolgt am 30. Juni 2025 um 11:00 Uhr Eastern Time.
- Successful completion of financing condition through US$1.5B junior subordinated notes offering
- Strong tender participation with C$3.11B total notes tendered
- Strategic debt management through acceptance of longer-dated notes (2046-2051 maturities)
- Partial acceptance of tendered notes with five series receiving no acceptance
- Pro rata acceptance for 4.40% Notes due 2046 at only C$261.9M out of C$436.5M tendered
Insights
TELUS is restructuring debt by repurchasing C$1.375B of long-dated notes, likely reducing interest expenses after completing a US$1.5B junior subordinated offering.
TELUS has increased the maximum purchase amount for its debt tender offers from
What's particularly notable is TELUS's prioritization of longer-dated securities with relatively higher coupons (3.95%-4.40%) while declining to purchase any of the tendered notes with shorter maturities or similar coupons. This selective approach suggests the company is optimizing its debt maturity profile while potentially reducing interest expenses.
The tender offers were significantly oversubscribed, with
The financing condition has been satisfied through TELUS's recent
The Offers
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"). Capitalized terms used but not defined in this news release have the meanings given to them in the Offer to Purchase.
According to information provided by Computershare Investor Services Inc., the Tender Agent,
Title of | Principal | °ä±«³§±õ±ÊÌý/Ìý±õ³§±õ±· | Reference | Bloomberg | Fixed | Principal | Indicative |
| 87971MBP7 / | CAN 2¾ 12/01/55 | ¹ó±õ°ÕÌý CAN0-50 | +145 | |||
| 87971MBT9 / | CAN 2¾ 12/01/55 | ¹ó±õ°ÕÌý CAN0-50 | +145 | |||
| 87971MBS1 / | CAN 1¼ 06/01/30 | ¹ó±õ°ÕÌý CAN0-50 | +70 | - | ||
| 87971MBB8 / | CAN 2¾ 12/01/55 | ¹ó±õ°ÕÌý CAN0-50 | +150 | |||
| 87971MAS2 / | CAN 2¾ 12/01/55 | ¹ó±õ°ÕÌý CAN0-50 | +150 | - | ||
| 87971MBV4 / | CAN 1½ 06/01/31 | ¹ó±õ°ÕÌý CAN0-50 | +90 | - | ||
| 87971MBE2 / | CAN 2¾ 12/01/55 | FIT CAN0-50 | +160 | - | ||
| 87971MAY9 / | CAN 2¾ 12/01/55 | FIT CAN0-50 | +160 | - |
(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 |
Indicative Series Acceptance Amounts
The Company expects to accept for purchase
The Financing Condition as described in the Offer to Purchase 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
Pricing and Settlement
Pricing in respect of the Notes is expected to occur at 11:00 a.m. (Eastern time) today, June 30, 2025, following which the Final Acceptance Amount, the Offer Yield and the Total Consideration in respect of the Notes validly tendered and accepted for purchase pursuant to the Offers will be announced by the Company.
The "Settlement Date" in respect of any Notes validly tendered and accepted for purchase pursuant to the Offer for such Notes is expected to be July 3, 2025 (the "Settlement Date"). The Company will also pay an Accrued Coupon Payment in respect of Notes validly tendered and accepted for purchase pursuant to the Offer for such Notes. Holders whose Notes are accepted for purchase will lose all rights as a Holder of the tendered Notes and interest will cease to accrue on the Settlement Date for all Notes accepted in the Offer for such Notes.
The Company has retained RBC Dominion Securities Inc. ("RBC"), BMO Nesbitt Burns Inc. ("BMO"), CIBC World Markets Inc. ("CIBC"), Scotia Capital Inc. ("Scotia") and TD Securities Inc. ("TD") to act as lead dealer managers and Desjardins Securities Inc., National Bank Financial Inc., J.P. Morgan Securities Canada Inc., SMBC Nikko Securities Canada, Ltd., Wells Fargo Securities Canada, Ltd. and ATB Securities Inc. to act as co-dealer managers (collectively, the "Dealer Managers") for the Offers. Questions regarding the terms and conditions for the Offers or for copies of the Offer to Purchase should be directed to RBC at 1-877-381-2099 (toll-free) or 1-416-842-6311 (collect), BMO at 1-833-418-0762 (toll-free) or 1-416-359-6359 (collect), CIBC at 1-416-594-8515 (collect), Scotia at 1-416-863-7438 (collect) or TD at 1-866-584-2096 (toll-free) or 1-416-982-6451 (collect). You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers. Â
If the Company terminates any Offer with respect to one or more series of Notes, it will give prompt notice to the Tender Agent, and all Notes tendered pursuant to such terminated Offer will be returned promptly to the tendering Holders thereof. With effect from such termination, any Notes blocked in CDS will be released.
Offer and Distribution Restrictions
The Offers were made solely pursuant to the Offer to Purchase. This news release does not constitute a solicitation of an offer to buy any securities in
In any jurisdiction in which the securities 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.
This news release is for informational purposes only. This news release is not an offer to purchase or a solicitation of an offer to sell any Notes or any other securities of TELUSÂ or any of its subsidiaries.
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 series of Notes and amount thereof expected to be accepted for purchase pursuant to the Offers and the expected Settlement Date. By their nature, forward-looking statements require us to make assumptions and predictions and are subject to inherent risks and uncertainties including risks associated with capital and debt markets. 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 in 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
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