Clearnet Completes $1.74B Offer to Repay Discount Notes

TELUS Corporation’s wholly owned subsidiary, Clearnet Communications Inc. (Clearnet), completed an offer to repay and consent solicitation for all outstanding debt securities on June 12, 2001. The total consideration paid by Clearnet for the offer, which was commenced on May 11, 2001, was approximately $1.74 billion, reflecting 99.92 per cent of the notes being tendered to the offer.

J.P. Morgan Securities Inc. and TD Securities (USA) Inc. acted as the dealer managers and solicitation agents. Blake, Cassels & Graydon LLP acted for Clearnet with a team that included Sheila Murray and Anoop Dogra (securities/corporate), Sam Principi (debt capital markets) and Paul Tamaki and Paul Stepak (tax). Osler, Hoskin & Harcourt LLP acted as Canadian counsel to the dealer managers with a team that included Deborah Alexander and Carl DeLuca (securities/corporate) and Monica Biringer (tax). Skadden, Arps, Slate, Meagher & Flom LLP (New York) acted as US counsel to Clearnet with a team that included Phyliss Korff, Richard Aftanas and Kerry Skolkin. Davis, Polk & Wardwell (New York) acted as US counsel to the dealer managers with a team that included Richard Drucker, Helen Chin and Mina Kim.