DBRS Rates TELUS Corporation’s $1.7 Billion Notes Issuance A (low), Stable Trend

DBRS has today assigned a rating of A (low) to TELUS Corporation’s (TELUS or the Company) $1.7 billion senior unsecured notes (the Notes), which were issued in two series: $1.1 billion of 11-year 3.35% Series CK Notes, maturing on April 1, 2024, and $600 million of 30-year 4.40% Series CL Notes, maturing on April 1, 2043.

The Notes were issued by way of prospectus supplement to its short form base shelf prospectus dated October 3, 2011, and reference the trust indenture dated May 22, 2001.

DBRS expects TELUS to use the proceeds from this issuance to repay the Company’s outstanding $300 million 5.00% Series CB Notes due June 2013 at maturity and to fund the early redemption of the $700 million 4.95% Series CF Notes due May 2014, with the remainder directed toward general corporate purposes.

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

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