TELUS Corp. (TU) Tuesday announced offering of C$1.7 billion of senior unsecured notes in two tenors, the first with an 11-year maturity, the second with a 30-year maturity.
The 3.35 per cent 11-year notes were priced at $99.435 per $100 principal amount for an effective yield of 3.412 per cent per annum and will mature on April 1, 2024.
The 4.40 per cent 30-year notes were priced at $99.768 per $100 principal amount for an effective yield of 4.414 per cent per annum and will mature on April 1, 2043.
The net proceeds of the offering will be used to repay the company's outstanding C$300 million of 5.00 per cent Series CB Notes due June 3, to redeem outstanding C$700 million of 4.95 per cent Series CF Notes due May 15, 2014, to repay outstanding commercial paper and for general corporate purposes.
The offering is expected to close on or about April 1.
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