TELUS announces debt offering

$500 million 10-year notes with 2.05 per cent interest rate

VANCOUVER, British Columbia, Sept. 29, 2020 (GLOBE NEWSWIRE) -- TELUS announced today an offering of $500 million of senior unsecured Series CAD notes with a 10-year maturity. The notes are offered through a syndicate of agents led by TD Securities Inc., BMO Nesbitt Burns Inc. and Scotia Capital Inc. Closing of the offering is expected to occur on or about October 5, 2020.

The 2.05 per cent 10-year Series CAD notes were priced at $99.793 per $100 principal amount for an effective yield of 2.073 per cent per annum and will mature on October 7, 2030.

The net proceeds of this Offering will be used for general corporate purposes, including investing in broadband networks and other capital investment consistent with TELUS’ growth strategy, and repayment of commercial paper (incurred for general working capital purposes).

TELUS will be filing a prospectus supplement to its short form base shelf prospectus dated May 13, 2020 with securities regulatory authorities in each of the provinces of Canada. The notes are not being offered in the United States or to any resident of the United States.

This media release does not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities being offered have not been approved or disapproved by any Canadian securities regulatory authority, nor has any authority passed upon the accuracy or adequacy of the short form base shelf prospectus or the prospectus supplement.

Copies of the short form base shelf prospectus and the prospectus supplement relating to the offering of the notes when filed with securities regulatory authorities in Canada may be obtained from the Chief Legal and Governance Officer of TELUS at 510 W. Georgia St., 23rd Floor, Vancouver, British Columbia V6B 0M3 (telephone 604-695-6420). Copies of these documents are, or will be, available electronically on the System for Electronic Document Analysis and Retrieval of the Canadian Securities Administrators (“SEDAR”), at

Forward-Looking Statements

This news release contains statements about future events pertaining to the offering, including the anticipated closing date of the offering and the intended use of the net proceeds of the offering that are forward-looking. By their nature, forward-looking statements require us to make assumptions and predictions and are subject to inherent risks and uncertainties including risks associated with capital and debt markets. There is significant risk that the forward-looking statements will not prove to be accurate. The timing and closing of the above-mentioned offering are subject to customary closing conditions and other risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from those described in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and the qualifications and risk factors as set out in our second quarter 2020 Management’s discussion and analysis and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements.

About TELUS

TELUS (TSX: T, NYSE: TU) is a dynamic, world-leading communications and information technology company with $15 billion in annual revenue and 15.4 million customer connections spanning wireless, data, IP, voice, television, entertainment, video and security. We leverage our global-leading technology to enable remarkable human outcomes. Our longstanding commitment to putting our customers first fuels every aspect of our business, making us a distinct leader in customer service excellence and loyalty. TELUS Health is Canada's largest healthcare IT provider, and TELUS International delivers the most innovative business process solutions to some of the world’s most established brands.

For more information about TELUS, please visit telus.com.

For more information, please contact:



TELUS Investor Relations

Ian McMillan

604-695-4539

TELUS Media Relations

Francois Gaboury

438-862-5136