Telus Announces Note Offering

TELUS announced today it has priced $700 million of senior unsecured notes with a 7-year maturity. The notes are offered through a syndicate of agents led by BMO Capital Markets, CIBC Capital Markets and RBC Capital Markets (the "Lead Agents"). Closing of the offering is expected to occur on or about August 13, 2024.

The 4.65% notes, Series CAQ, were priced at $99.911 per $100 principal amount for an effective yield of 4.665% per annum until maturity, and will mature on August 13, 2031.

The net proceeds of this offering will be used for the repayment of outstanding indebtedness, including the repayment of commercial paper (incurred for general working capital purposes) and the reduction of cash amounts outstanding under an arm's length securitization trust under which an affiliate of TELUS is able to borrow against certain trade receivables and unbilled customer finance receivables (incurred for general working capital purposes), and for other general corporate purposes. 

This media release does not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities being offered have not been approved or disapproved by any Canadian securities regulatory authority, nor has any authority passed upon the accuracy or adequacy of the short form base shelf prospectus or the prospectus supplement. The notes have not been registered under the U.S. Securities Act of 1933, as amended, and no notes are being offered in the United States or to or for the account or benefit of any U.S. person.

The notes are being offered pursuant to a prospectus supplement to the short form base shelf prospectus of TELUS dated August 2, 2024. The prospectus supplement and the corresponding short form base shelf prospectus contain important detailed information about the notes. Access to the prospectus supplement and the base shelf prospectus, and any amendments to the thereto, are provided in accordance with securities legislation relating to the procedures for providing access to such documents. An electronic or paper copy of the prospectus supplement and corresponding short form base shelf prospectus relating to the offering of notes may be obtained, without charge, from the Executive Vice-President and Chief Legal and Governance Officer of TELUS at 510 W. Georgia St., 23rd Floor, Vancouver, British Columbia V6B 0M3 (telephone 604-695-6420) or from BMO Capital Markets by email at DCMCADSyndicateDesk@bmo.com, CIBC Capital Markets by phone at 416-594-8515 or email at Mailbox.CIBCDebtSyndication@cibc.com or RBC Capital Markets by phone at 416-842-6311 or email at TorontoSyndicate@rbccm.com by providing an email address or mailing address, as applicable. Copies of these documents will be accessible electronically within two business days of the date hereof on the System for Electronic Data Analysis and Retrieval+ of the Canadian Securities Administrators ("SEDAR+"), at www.sedarplus.ca. Investors should read the short form base shelf prospectus and prospectus supplement before making an investment decision.