New Issue: Telus sells C$500 million 3.35% 10-year senior notes to yield 3.364%

By Cristal Cody

Prospect News, Dec. 6 - Telus Corp. said on Thursday that it priced C$500 million of 3.35% 10-year senior notes (Baa1/BBB+/DBRS: A) at 99.883 to yield 3.364%.

The series CJ notes due March 15, 2023 priced at a spread of 160 basis points over the interpolated Government of Canada bond curve, a source said.

Scotia Capital Inc. and CIBC World Markets Inc. were the bookrunners.

Telus was last in the Canadian debt markets on May 19, 2012 with a C$600 million offering of 3.65% five-year notes (Baa1//DBRS: A) that priced at 99.629 to yield 3.732%, or a spread of 118 bps over the Canadian bond curve.

Proceeds will be applied toward repayment of outstanding commercial paper, which is short-term floating-rate debt the Vancouver, B.C. based telecommunications company issued.

Issuer:	Telus Corp.
Amount:	C$500 million
Maturity:	March 15, 2023
Securities:	Senior notes
Bookrunners:	Scotia Capital Inc., CIBC World Markets Inc.
Co-managers:	BMO Capital Markets Corp., RBC Capital Markets, TD Securities Inc., HSBC Capital (Canada) Inc., Morgan Stanley & Co. LLC, Barclays Capital Canada Inc., Desjardins Securities Inc., J.P. Morgan Securities Inc., National Bank Financial Inc., Canaccord Capital Corp., Laurentian Bank Securities, Inc.
Coupon:	3.35%
Price:	99.883
Yield:	3.364%
Spread:	160 bps over interpolated Government of Canada bond curve
Call feature:	Canada bond yield plus 40 bps
Pricing date:	Dec. 6
Settlement date:	Dec. 11
Ratings:	Moody's: Baa1
	Standard & Poor's: BBB+
	DBRS: A
Distribution:	Canada

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