TELUS Completes $500 Million Offering

On April 9, 2008, TELUS Corporation completed a Canadian offering of $500 million principal amount of unsecured 5.95 per cent notes due 2015. The offering was made pursuant to TELUS' short form base shelf prospectus and net proceeds will be used for general corporate purposes. The terms of the notes included a change of control trigger, requiring TELUS to offer to repurchase the notes at 101 per cent of their principal amount plus accrued interest in the event of a change of control coupled with a ratings downgrade below investment grade.

The syndicate of agents in respect of the offering was led by Scotia Capital Inc. and included RBC Dominion Securities Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., HSBC Securities (Canada) Inc. and Desjardins Securities Inc.

TELUS was represented in-house by Audrey Ho, Andras Vagvolgyi, Bob VandeBraak, Kris Britch and Maria Preovolos, and by Bennett Jones LLP with a team comprised of Kathleen Keller-Hobson, David Ellison, Yoon Han and Andrew Beamer (securities/corporate finance) and Stephen Bowman (tax). Osler, Hoskin & Harcourt LLP acted as counsel to the agents with a team comprised of Doug Marshall, Michael Innes, Mark Hogan, Neil Said (securities), Phil Rogers (regulatory) and Julie Colden (tax).