viewTELUS Corporation

Telus to sell C$800 mln of notes in two tenors to fund Public Mobile purchase


Telus Corp. (TSE:T), Canada's third-largest wireless operator, climbed to the highest in six months after it said it is offering $800 million of notes in two parts.

Telus reached C$37.53, the highest intraday price since May 23, and was trading at C$37.44, up 1 percent, at 2:58 p.m. in Toronto. 

The sale includes C$400 million of 3.60 percent seven-year notes, due January 26, 2021, which were priced at 99.715 to yield 3.645 percent, the Vancouver, British Colombia-based company said in a statement today.

The sale also includes C$400 million of 5.15 percent 30-year notes, due November 26, 2043, which were priced at 99.500 to yield 5.183 percent, it added.

Telus said the net proceeds will be used to repay outstanding commercial paper, if regulatory approval is obtained, to fund the acquisition of 100 percent of Public Mobile Inc., the struggling Canadian startup, and the balance for other general corporate purposes.

On Oct. 23, Telus received federal approval to buy Public Mobile for an undisclosed price.

The stock has rallied 15 percent so far this year, outpacing the 8.6 percent gain in the benchmark S&P/TSX Composite index (TSE:OSPTX).

The current consensus among 19 analysts is to buy stock in Telus Corp. 

Quick facts: TELUS Corporation

Price: 22.28 CAD

Market: TSX
Market Cap: $28.34 billion

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