TELUS Completes $1B MJDS Offering

On July 23, 2010 TELUS Corporation completed an MJDS offering of $1 billion principal amount of unsecured 5.05 per cent Notes due 2020. The offering was made pursuant to TELUS's short form base shelf prospectus and net proceeds will be used principally to fund the early redemption of US$613 million principal amount of TELUS's outstanding US$1.3615 billion 8 per cent unsecured notes due June 1, 2011 and for payments required to terminate cross-currency interest rate swaps associated with the notes to be redeemed.

The syndicate of twelve agents in respect of the offering was led by Scotia Capital Inc. and CIBC World Markets Inc.

TELUS was represented in-house by a team comprised of Audrey Ho, Maria Preovolos and Dennis Wong, and by Bennett Jones LLP with a team that comprised Kathleen Keller-Hobson, Faran Umar-Khitab, Melissa Robins and Melanie Cole (corporate finance) and Bernard Morris (tax). Richard Aftanas, Anastasios Tomazos and Michael Ettannani (corporate finance) and Victor Hollender and Olivier Nolens (tax) of Skadden, Arps, Slate, Meagher & Flom LLP in New York provided US advice to TELUS.

Osler, Hoskin & Harcourt LLP acted as Canadian and US counsel to the agents with a team that comprised Michael Innes, Lorraine Lynds and Derek Van Doorn (securities) and Lara Friedlander (tax) in Toronto, and Jason Comerford and Kate Coolican (securities) and William Corcoran (tax) in New York.