Canadian telecommunication company TELUS Corp. (TU) Monday said it successfully closed its previously announced offering of C$1.7 billion in senior unsecured notes in two series - C$1.1 billion of 11-year Notes with a 3.35 per cent interest rate, Series CK, maturing on April 1, 2024 and C$600 million of 30-year Notes with a 4.40 per cent interest rate, Series CL, maturing 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 percent Series CB notes due June 3, at maturity, to fund the proposed early redemption of TELUS's outstanding C$700 million of 4.95 per cent Series CF notes due May 15, 2014, to repay outstanding commercial paper. It will also be used for general corporate purposes.
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