On June 28, 2021, TELUS Corporation closed its $750 million offering of senior unsecured Sustainability-Linked Series CAF notes maturing in 2031. The notes were offered through a syndicate of agents led by RBC Capital Markets, as Lead Structuring Agent and Joint Bookrunner, and Scotiabank, as Co-Structuring Agent and Joint Bookrunner, together with BMO Capital Markets, as Joint Bookrunner.
The notes are “Sustainability-Linked Bonds” issued pursuant to TELUS’ Sustainability-Linked Bond Framework announced on June 14, 2021 and were TELUS’ first 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 these notes will increase by 1.00% per annum. This offering of Sustainability-Linked Bonds was the first of its kind in Canada and supports TELUS’ commitment to environmental sustainability by linking financing to the achievement of ambitious environmental, social and 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 Michael Innes, Kevin Feng and Tiye Traore (Corporate) and Tim Hughes and James Chang (Tax).