Telus (TU) Announces C$1.3B Stock Offering

TELUS Corporation (NYSE: TU) announced today that it has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets and CIBC Capital Markets, and together with BMO Capital Markets, Scotiabank and TD Securities Inc. as joint book runners, pursuant to which the Underwriters have agreed to purchase from TELUS, on a bought deal basis, and sell to the public, 51,300,000 common shares of TELUS at a price of C $ 25.35 per Common Share (the “Offering Price”) for gross proceeds of approximately C $ 1.3 billion.

TELUS has granted the Underwriters an over-allotment option, exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 7,695,000 Common Shares at the Offering Price. If the over-allotment option is exercised in full, the gross offering size would increase to approximately C $ 1.5 billion.

TELUS intends to use the net proceeds from this Offering to further strengthen the Company's balance sheet and, principally, to capitalize on a unique strategic opportunity to accelerate its broadband capital investment program, including the substantial advancement of the build-out of TELUS PureFibre infrastructure in Alberta, British Columbia and Eastern Quebec, as well as an accelerated roll-out of the Company's national 5G network.

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