Telus prices planned redemption of $613 million in 8% notes due 2011

By Devika Patel

Knoxville, Tenn., Aug. 30 - Telus Corp. said it has priced its planned redemption of $613 million, or 45.024%, of its $1.3615 billion 8% notes due June 1, 2011. The offer launched on July 27.

For each $1,000 in notes, the company will pay $1,055.64, plus $20.22 in accrued interest, for a total redemption payment of $1,075.86. The pricing is based on the adjusted U.S. Treasury yield.

The company will also pay accrued interest to the redemption date of Sept. 2.

After the redemption, the outstanding global debt security held by the Depository Trust Co. will be reduced by about 45.024% to $748.5 million.

Telus said on July 23 that it intends to fund the redemption using some proceeds from its completed offering of C$1 billion of 5.05% senior unsecured notes due July 23, 2020.

At the end of 2009, Telus redeemed 30% of its then $1.945 billion of outstanding 8% notes at $1,097.43, plus $6.67 of accrued interest, per $1,000 of notes.

Telus is a Vancouver, B.C.-based telecommunications company.

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