On June 16, 2025, TELUS Corporation launched a $800 million public offering of unsecured junior subordinated notes in two tranches: $375 million of 6.25% Fixed-to-Fixed Rate Notes, Series CAR, and $425 million of 6.75% Fixed-to-Fixed Rate Notes, Series CAS. Both series mature on July 21, 2055 and are denominated in Canadian dollars. The Series CAR Notes are an additional issuance to the existing $1.1 billion issued in April 2025, bringing the total outstanding to $1.475 billion.

The Series CAR Notes pay a fixed 6.25% interest until July 21, 2030, after which the rate resets every five years to the Government of Canada 5-year yield plus 3.482%, with a minimum reset floor of 6.25%. The effective yield to the first reset date is 5.612%. Interest is payable semi-annually, with the first long coupon payment of $17,562,071.92 due January 21, 2026. TELUS has the right to defer interest for up to five years without triggering a default.

Net proceeds of approximately $823 million, before deducting expenses, will be used to repay outstanding indebtedness including commercial paper and for general corporate purposes. The offering was conducted by a syndicate of agents led by major Canadian and international investment dealers. Certain legal matters in connection with this offering were passed upon on behalf of the company by Norton Rose Fulbright Canada LLP, the company’s Canadian counsel, and on behalf of the agents by Osler, Hoskin & Harcourt LLP, the agents’ Canadian counsel.