On April 11, 2025, TELUS Corporation closed a $1 billion public offering of Sustainability-Linked Notes, comprising $500 million of Series CAK Notes due October 11, 2030, and $500 million of Series CAL Notes due April 11, 2055. The notes were issued under TELUS’ base shelf prospectus dated March 29, 2023, and prospectus supplement dated April 8, 2025, in line with its Sustainability-Linked Bond Framework.

The notes included coupon step-up features tied to greenhouse gas emission reduction targets. If targets are not met by designated dates, interest rates will increase by 0.75%. Proceeds were allocated to repay outstanding indebtedness, including commercial paper and credit facilities, and for general corporate purposes.

TELUS was represented by Norton Rose Fulbright Canada LLP, while Osler, Hoskin & Harcourt LLP acted for the agents. Agents included RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc., J.P. Morgan Securities Canada Inc., National Bank Financial Inc., Wells Fargo Securities Canada, Ltd., SMBC Nikko Securities Canada, Ltd., and ATB Securities Inc. The notes were expected to be rated investment grade and listed on the Toronto Stock Exchange.