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TELUS International Announces Pricing Of Upsized IPO Of 37.0 Mln Shares At $25.00/shr

TELUS International, a subsidiary of TELUS Corp.(TU, T.TO), announced the pricing of the upsized initial public offering of 37.0 million subordinate voting shares at a price of US$25.00 per share.

The offering is expected to generate aggregate gross proceeds to TELUS International, TELUS Corp. and Baring Private Equity Asia of US$925 million or US$1.06 billion, if the underwriters exercise their over-allotment option in full, with expected net proceeds to TELUS International of about US$490 million.

TELUS International said it plans to use the proceeds to repay outstanding borrowings under its revolving credit facilities. It will not receive any proceeds from the subordinate voting shares sold by the selling shareholders.

The subordinate voting shares are expected to begin trading on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol "TIXT" on February 3, 2021. The offering is expected to close on February 5, 2021.

The subordinate voting shares offered in the IPO include about 21.0 million from TELUS International treasury and approximately 16.0 million from TELUS and Baring, the selling shareholders. The selling shareholders have granted the underwriters a 30-day option to purchase up to 5.55 million additional subordinate voting shares at the IPO price, less underwriting discounts and commissions.

Following the offering, TELUS is expected to hold about 67.8% of the voting power of TELUS International (67.0% if the underwriters' over-allotment option is exercised in full) and 57.1% of the economic interest (55.2% if the underwriters' over-allotment option is exercised in full).

Baring is expected to hold about 30.1% of the voting power of TELUS International (30.7% if the underwriters' over-allotment option is exercised in full) and 25.4% of the economic interest (25.3% if the underwriters' over-allotment option is exercised in full).

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