DBRS Assigns A (low) Rating to TELUS’s $1 Billion Notes Issuance

DBRS has today assigned a rating of A (low) to the TELUS Corporation (TELUS or the Company) issuance of $1 billion of senior unsecured notes. The trend is Stable.

The ten-year notes, which will mature on July 23, 2020, were issued with a coupon of 5.05% at a price of $99.744 per $100 principal amount, achieving an effective yield of 5.083% per annum.

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, of which, after the closing of this issuance, $2.0 billion will be available.

DBRS expects TELUS to use the proceeds from this issue for refinancing a portion of its US$1.3615 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.