TELUS Corporation Closes $9.2B in Debt Financings

On May 31, 2001, TELUS Corporation completed concurrent offerings of Canadian dollar and US dollar unsecured notes for aggregate gross proceeds of approximately $6.7 billion. Concurrently with the note offerings, TELUS completed the closing of bank credit facilities, committed by The Toronto-Dominion Bank and syndicated to a group of financial institutions, in the amount of $2.5 billion. Gross proceeds of the Canadian dollar 7.50 per cent notes due 2006 were $1.6 billion. Gross proceeds of the US dollar 7.50 per cent notes due 2007 and US dollar 8 per cent notes due 2011 were US$1.3 billion and US$2 billion, respectively. These combined offerings are believed to represent the largest public debt issuance ever by a Canadian corporation.

Blake, Cassels & Graydon LLP acted for TELUS with a team that included Sheila Murray, Anoop Dogra, Mario Josipovic and Markus Viirland (securities/corporate), Sam Principi (debt capital markets) and Paul Tamaki and Paul Stepak (tax). Osler, Hoskin & Harcourt LLP acted for the Canadian underwriters with a team that included Deborah Alexander, Katy Waugh and John Black (securities/corporate) and Monica Biringer and Julie Colden (tax). Skadden, Arps, Slate, Meagher & Flom LLP in New York acted as US counsel to TELUS with a team that included Phyllis Korff, Joshua Goldstein, Kerry Skolkin and Daniel Dusek. Davis Polk & Wardwell in New York acted for the US underwriters with a team comprised of Richard Drucker, Sandip Bhattacharji and George Hacket.