The Syndicate of agents in TELUS Corporation’s $2 billion three-tranche note offering

On September 13, 2022, TELUS Corporation closed its $2 billion offering of senior unsecured notes in three series, the first with a 10-year maturity, the second with a 30-year maturity and the third with a 7-year maturity. The notes were offered through a syndicate of agents led by CIBC Capital Markets, RBC Capital Markets and Scotiabank.

The first series of notes (the “Series CAG Notes”) are “Sustainability-Linked Bonds” issued pursuant to TELUS’ Sustainability-Linked Bond Framework announced on June 14, 2021, and were TELUS’ third bond offering under the Framework. As part of the Framework, TELUS has committed to reducing its absolute Scope 1 and 2 greenhouse gas emissions by 46% from 2019 levels by 2030. Should TELUS fail to achieve this target by December 31, 2030, the interest payable on the Series CAG Notes will increase by 0.75% per annum. The Series CAG Note offering supports TELUS’ commitment to environmental sustainability by linking financing to the achievement of ambitious environmental, social or governance targets.

TELUS Corporation is a Canadian telecommunications company specializing in providing telecommunications products and services including access to internet, voice, entertainment, healthcare and video.

Osler, Hoskin & Harcourt LLP advised the syndicate of agents with a team consisting of Trevor Scott, Jason Comerford, Rosalind Hunter and Desmond Christy (Corporate) and Tim Hughes (Tax).