DBRS Notes TELUS Prices $1.0 Billion 5.05% 2019 Notes Issuance

DBRS notes that TELUS Corporation (TELUS) has announced the details of its senior unsecured debt issuance. DBRS today assigned a rating of A (low), with a Stable trend, to the notes.

The $1.0 billion, 10-year, senior unsecured notes were priced at $99.419 per $100 principal amount with a nominal coupon of 5.05% and effective yield of 5.125% per annum. The notes will close on or around December 4, 2009, and mature on December 4, 2019.

This debt issuance was initiated by TELUS today by way of a short form prospectus supplement under its $4.0 billion universal short form shelf prospectus dated September 3, 2009 and will reference the May 22, 2001 indenture.

DBRS expects TELUS to use the proceeds from this notes issue for refinancing of a portion of its US$1.945 billion 8% notes due on June 1, 2011, for payments required to terminate associated cross-currency swaps and for general corporate purposes.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Telecommunications, which can be found on our website under Methodologies.

This is a Corporate (Telecom/Media/Technology) rating.