On June 27, 2025, TELUS Corporation announced the successful closing of a US$1.5 billion (approximately C$2.06 billion) offering of fixed-to-fixed rate junior subordinated notes, as outlined in its prospectus supplement dated June 24, 2025. The issuance consists of US$700 million in 6.625% Series A Notes and US$800 million in 7.000% Series B Notes, both maturing on October 15, 2055.

The 6.625% Series A Notes will carry that rate from June 27, 2025, through October 15, 2030. After that, the rate resets every five years based on the Five-Year U.S. Treasury Rate plus 2.769%, with a minimum of 6.625%. The 7.000% Series B Notes maintain their rate until October 15, 2035, then reset every five years at the Five-Year U.S. Treasury Rate plus 2.709%, with a minimum of 7.000%. Interest on both series will be paid semi-annually starting October 15, 2025.

TELUS may defer interest payments for up to five consecutive years without triggering default. Proceeds will fund previously announced tender offers and, if needed, repay debt and for other general corporate purposes.

Legal counsel to TELUS includes Paul, Weiss (U.S.) and Norton Rose Fulbright (Canada). Counsel to the underwriters includes Allen Overy Shearman Sterling (U.S.) and Osler, Hoskin & Harcourt (Canada).