AI Telecom Market M&A and Collaborations; IQSTEL's (IQST) Unique Collaboration Results in Shareholder Dividend

OTTAWA (dpa-AFX) - TELUS has announced the pricing of two major debt offerings, raising US$1.5 billion and C$800 million in aggregate principal amount of Fixed-to-Fixed Rate Junior Subordinated Notes.

The US$1.5 billion issuance will be split into two series. The US$800 million Series C Notes, due June 9, 2056, will carry an initial interest rate of 6.375%. The rate will reset every five years beginning June 9, 2031, based on the Five-Year U.S. Treasury rate plus 2.694%, with a minimum of 6.375%. The US$700 million Series D Notes, also due June 9, 2056, will bear an initial interest rate of 6.625%. This rate will reset every five years starting June 9, 2036, at the Five-Year U.S. Treasury rate plus 2.515%, with a floor of 6.625%. The US Notes are being offered through a syndicate led by CIBC Capital Markets, BMO Capital Markets, TD Securities, and Wells Fargo Securities, with closing expected on or about December 9, 2025.

In addition, TELUS has priced C$800 million of Canadian Notes, also in two series. The C$400 million Series CAT Notes, due June 9, 2056, will carry an initial interest rate of 5.375%. The rate will reset every five years from June 9, 2031, at the prevailing five-year Government of Canada rate plus 2.470%, with a minimum of 5.375%. The C$400 million Series CAU Notes, due June 9, 2056, will bear an initial interest rate of 5.875%. This rate will reset every five years starting June 9, 2036, at the five-year Government of Canada rate plus 2.555%, with a floor of 5.875%. The Canadian Notes are offered through agents led by CIBC Capital Markets, BMO Capital Markets, and TD Securities, with closing also expected on or about December 9, 2025.

A portion of the net proceeds from both offerings will be used to fund a tender offer launched on December 4, 2025, to repurchase up to US$500 million of TELUS' outstanding long-term notes. These include the 3.95% Series CAB due 2050, 4.10% Series CAE due 2051, 4.40% Series CU due 2046, 4.40% Series CL due 2043, 4.70% Series CW due 2048, 2.85% Series CAF due 2031, and 4.75% Series CR due 2045. TELUS retains the discretion to adjust or waive the maximum purchase amount.

The remaining proceeds will be used to repay existing debt, including the redemption of all US$600 million outstanding on TELUS' 3.75% Series CV Notes due March 2026, as well as for general corporate purposes.

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Ratings actions from Baystreet: http://www.baystreet.ca

(16:46 GMT) Telus Corp. Price Target Raised to C$21.50/Share From C$21.00 by National Bank

Ratings actions from Baystreet: http://www.baystreet.ca

Ratings actions from Baystreet: http://www.baystreet.ca

VANCOUVER, BC, Dec. 4, 2025 /PRNewswire/ - TELUS Corporation ("TELUS" or the "Company") today announced the commencement of separate offers (the "Offers") to purchase for cash up to C$500,000,000 (the "Maximum Purchase Amount") in aggregate purchase price, excluding accrued and unpaid interest, of its outstanding notes of the seven series listed in the table below (collectively, the "Notes"), which Maximum Purchase Amount may be increased, decreased or waived by the Company in its sole discretion. Each Offer is subject to the satisfaction or waiver of certain conditions, including the Financing Condition (as defined below)

The Offers

The Offers are made upon the terms and subject to the conditions set forth in the Offer to Purchase dated December 4, 2025, relating to the Notes (the "Offer to Purchase"). Capitalized terms used but not de ned in this news release have the meanings given to them in the Offer to Purchase.

The amount of Notes purchased in the Offers and the allocation of such amount between the seven series listed below will be determined by the Company, in its sole discretion. The Offers may be subject to proration as described in the Offer to Purchase. In addition, we reserve the right to accept significantly more or significantly less (or none) of any series of Notes as compared to the other series of Notes.

 
                                                                                       Fixed 
                  Principal                                              Bloomberg     Spread 
   Title of         Amount      CUSIP / ISIN    Par Call    Reference     Reference    (Basis 
   Notes(1)       Outstanding      Nos.(1)       Date(2)    Security(3)    Page(3)   Points)(3) 
--------------  --------------  -------------  ----------  ------------  ----------  ---------- 
 3.95% Notes, 
   Series CAB 
      due 
    February,                    87971MBP7 /   August 16,   CAN 2 3/4       FIT 
      2050      C$105,257,000    CA87971MBP73     2049       12/01/55      CAN0-50      +145 
--------------  --------------  -------------  ----------  ------------  ----------  ---------- 
 4.10% Notes, 
   Series CAE 
   due April,                    87971MBT9 /   October 5,   CAN 2 3/4       FIT 
      2051       C$78,105,000    CA87971MBT95     2050       12/01/55      CAN0-50      +145 
--------------  --------------  -------------  ----------  ------------  ----------  ---------- 
 4.40% Notes, 
   Series CU 
  due January,                   87971MBB8 /    July 29,    CAN 2 3/4       FIT 
      2046      C$233,187,000    CA87971MBB87     2045       12/01/55      CAN0-50      +135 
--------------  --------------  -------------  ----------  ------------  ----------  ---------- 
 4.40% Notes, 
   Series CL 
   due April,                    87971MAS2 /   October 1,   CAN 2 3/4       FIT 
      2043      C$600,000,000    CA87971MAS22     2042       12/01/55      CAN0-50      +125 
--------------  --------------  -------------  ----------  ------------  ----------  ---------- 
 4.70% Notes, 
   Series CW 
   due March,                    87971MBE2 /   September    CAN 2 3/4       FIT 
      2048      C$475,000,000    CA87971MBE27    6, 2047     12/01/55      CAN0-50      +130 
--------------  --------------  -------------  ----------  ------------  ----------  ---------- 
 2.85% Notes, 
   Series CAF 
      due 
   November,                     87971MBV4 /   August 13,   CAN 1 1/2       FIT 
      2031      C$750,000,000    CA87971MBV42     2031       06/01/31      CAN0-50      +60 
--------------  --------------  -------------  ----------  ------------  ----------  ---------- 
 4.75% Notes, 
   Series CR 
  due January,                   87971MAY9 /    July 17,    CAN 2 3/4       FIT 
      2045      C$400,000,000    CA87971MAY99     2044       12/01/55      CAN0-50      +130 
--------------  --------------  -------------  ----------  ------------  ----------  ---------- 
 
 
(1)  No representation is made by the Company as to the correctness or accuracy of the CUSIP 
     numbers or ISINs listed in this news release or printed on the Notes. They are provided 
     solely for convenience. 
(2)  For each series of Notes, the calculation of the applicable Total Consideration (as 
     defined below) may be performed to either the maturity date or such par call date, in 
     accordance with standard market convention. 
(3)  The total consideration for each series of Notes (such consideration, the 
     "Total Consideration") payable per each C$1,000 principal amount of such series of 
     Notes validly tendered for purchase will be based 
     on the applicable Fixed Spread specified in the table above for such series of 
     Notes, plus the applicable yield based on the bid-side price of the 
     applicable Canadian reference security as specified in the table above, as quoted on 
     the applicable Bloomberg Reference Page as of 11:00 a.m. (Eastern time) on December 12, 
     2025, unless extended by the Company with respect to the applicable Offer (such date 
     and time with respect to an Offer, as the same may be extended by the Company with 
     respect to such Offer, the "Price Determination 
     Date"). The Total Consideration does not include the applicable Accrued 
     Coupon Payment (as defined below), which will be payable in cash in addition to the 
     applicable Total Consideration. 
 

Terms of the Offers

The Offers will expire at 5:00 p.m. (Eastern time) on December 11, 2025, unless extended or earlier terminated by the Company (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the "Expiration Date"). Notes may be validly withdrawn at any time at or prior to 5:00 p.m. (Eastern time) on December 11, 2025 (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the "Withdrawal Date"), unless extended by the Company with respect to any Offer.

Provided that the Financing Condition has been satisfied or waived by the Settlement Date (as defined below) and all other conditions to the Offers have been satisfied or waived by the Company by the Expiration Date, settlement for all Notes validly tendered and not validly withdrawn prior to the Expiration Date and accepted for purchase will be three business days after the Expiration Date, which is expected to be December 16, 2025, unless extended by the Company with respect to any Offer (the "Settlement Date").

Upon the terms and subject to the conditions set forth in the Offer to Purchase, Holders whose Notes are accepted for purchase in the Offers will receive the applicable Total Consideration for each C$1,000 principal amount of such Notes in cash on the Settlement Date. Promptly after 11:00 a.m. (Eastern time) on December 12, 2025, the Price Determination Date, unless extended by the Company with respect to any Offer, the Company will issue a press release specifying, among other things, the Total Consideration for each series of Notes validly tendered and accepted for purchase or that the Company intends to accept for purchase subject to the satisfaction or waiver of the Financing Condition by the Settlement Date.

In addition to the applicable Total Consideration, Holders whose Notes are accepted for purchase by the Company will receive a cash payment equal to the accrued and unpaid interest on such Notes from and including the immediately preceding interest payment date for such Notes to, but excluding, the Settlement Date (the "Accrued Coupon Payment"). Interest will cease to accrue on the Settlement Date for all Notes accepted in the Offers. Under no circumstances will any interest be payable because of any delay in the transmission of funds to Holders by CDS Clearing and Depository Services Inc. ("CDS") or its participants.

Any Notes validly tendered pursuant to the Offers but not accepted for purchase by the Company will be returned promptly to the tendering Holders thereof.

The Company may increase or waive the Maximum Purchase Amount with or without extending the Withdrawal Date. If Holders tender more Notes in the Offers than they expect to be accepted for purchase based on the Maximum Purchase Amount and the Company subsequently accepts more than such Holders expected of such Notes tendered as a result of an increase of the Maximum Purchase Amount, such Holders may not be able to withdraw any of their previously tendered Notes.

The Offers are subject to the satisfaction or waiver of certain conditions as described in the Offer to Purchase, including the Company having raised by the Settlement Date net proceeds through one or more issuances of debt in the public or private capital markets, on terms reasonably satisfactory to the Company, sufficient to purchase all Notes validly tendered in the Offers (and not validly withdrawn) and accepted for purchase by the Company and to pay accrued and unpaid interest in respect thereof and all fees and expenses in connection with the Offers (the "Financing Condition"). The Company reserves the right, subject to applicable law, to waive any and all conditions to any Offer. If any of the conditions is not satisfied, the Company is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered Notes, in each event subject to applicable laws, and may terminate or alter any or all of the Offers. The Offers are not conditioned on the tender of any aggregate minimum principal amount of Notes of any series (subject to minimum denomination requirements as set forth in the Offer to Purchase) and none of the Offers is conditioned on the consummation of any other Offer.

The Company has retained CIBC World Markets Inc. ("CIBC"), BMO Nesbitt Burns Inc. ("BMO"), RBC Dominion Securities Inc. ("RBC"), Scotia Capital Inc. ("Scotia") and TD Securities Inc. ("TD") to act as lead dealer managers (the "Dealer Managers") for the Offers. Questions regarding the terms and conditions for the Offers or for copies of the Offer to Purchase should be directed to CIBC at 1-416-594-8515 (collect), BMO at 1-833-418-0762 (toll-free) or 1-416-359-6359 (collect), RBC at 1-877-381-2099 (toll-free) or 1-416-842-6311 (collect), Scotia at 1-416-863-7438 (collect) or TD at 1-866-584-2096 (toll-free) or 1-416-982-6451 (collect). You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers.

Computershare Investor Services Inc. will act as the Tender Agent for the Offers.

If the Company terminates any Offer with respect to one or more series of Notes, it will give prompt notice to the Tender Agent, and all Notes tendered pursuant to such terminated Offer will be returned promptly to the tendering Holders thereof. With effect from such termination, any Notes blocked in CDS will be released.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold Notes as to when such intermediary would need to receive instructions from a beneficial owner in order for that Holder to be able to participate in, or withdraw their instruction to participate in the Offers before the deadlines specified herein and in the Offer to Purchase. The deadlines set by any such intermediary and CDS for the submission and withdrawal of tender instructions will also be earlier than the relevant deadlines specified herein and in the Offer to Purchase.

Offer and Distribution Restrictions

The Offers are being made solely pursuant to the Offer to Purchase. This news release does not constitute a solicitation of an offer to buy any securities in the United States. No Offer constitutes an offer or an invitation by, or on behalf of, TELUS or the Dealer Managers (i) to participate in the Offers in the United States; (ii) to, or for the account or benefit of, any "U.S. person" (as such term is defined in Regulation S of the U.S. Securities Act of 1933, as amended); or (iii) to participate in the Offers in any jurisdiction in which it is unlawful to make such an offer or solicitation in such jurisdiction, and such persons are not eligible to participate in or tender any securities pursuant to the Offers. No action has been or will be taken in the United States or any other jurisdiction that would permit the possession, circulation or distribution of this news release, the Offer to Purchase or any other offering material or advertisements in connection with the Offers to (i) any person in the United States; (ii) any U.S. person; (iii) anyone in any other jurisdiction in which such offer or solicitation is not authorized; or (iv) any person to whom it is unlawful to make such offer or solicitation. Accordingly, neither this news release, the Offer to Purchase nor any other offering material or advertisements in connection with the Offers may be distributed or published, in or from the United States or any such other jurisdiction (except in compliance with any applicable rules or regulations of such other jurisdiction). Tenders will not be accepted from any Holder located or resident in the United States.

In any jurisdiction in which the securities laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to have been made on behalf of the Company by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

This news release is for informational purposes only. This news release is not an offer to purchase or a solicitation of an offer to sell any Notes or any other securities of TELUS or any of its subsidiaries.

Forward-looking Statements

This news release contains statements about future events, including statements regarding the terms and timing for completion of the Offers, including the acceptance for purchase of any Notes validly tendered and the expected Expiration Date and Settlement Date thereof; and the satisfaction or waiver of certain conditions of the Offers. By their nature, forward-looking statements require us to make assumptions and predictions and are subject to inherent risks and uncertainties including risks associated with capital and debt markets. There is significant risk that the forward-looking statements will not prove to be accurate. Forward-looking statements are provided herein for the purpose of giving information about the proposed Offers. Readers are cautioned that such information may not be appropriate for other purposes. The Company's obligation to complete an Offer with respect to a particular series of Notes validly tendered is conditioned on the satisfaction of conditions described in the Offer to Purchase, including the Financing Condition. Accordingly, there can be no assurance that repurchases of Notes under the Offers will occur at all or at the expected time indicated in this news release. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from those described in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and the qualifications and risk factors as set out in our 2024 annual management's discussion and analysis and in our third quarter 2025 management's discussion and analysis and other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR+ at sedarplus.ca) and in the United States (on EDGAR at sec.gov). The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as required by law or the Offer to Purchase, TELUS disclaims any intention or obligation to update or revise forward-looking statements.

About TELUS

TELUS (, ) is a world-leading communications technology company operating in more than 45 countries and generating over C$20 billion in annual revenue with more than 20 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. TELUS Health is enhancing more than 160 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. TELUS Agriculture & Consumer Goods utilizes digital technologies and data insights to optimize the connection between producers and consumers. TELUS Digital specializes in digital customer experiences and future-focused digital transformations that deliver value for their global clients. Guided by our enduring 'give where we live' philosophy, TELUS, our team members and retirees have contributed C$1.8 billion in cash, in-kind contributions, time and programs including 2.4 million days of service since 2000, earning us the distinction of the world's most giving company.

For more information, visit telus.com or follow @TELUSNews on X and @Darren_Entwistle on Instagram.

Investor Relations

Robert Mitchell

ir@telus.com

Media Relations

Steve Beisswanger

Steve.Beisswanger@telus.com

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SOURCE TELUS Corporation

By Robb M. Stewart

Telus hit pause on growing its dividend and will scale back its discounted dividend reinvestment plans as the communications-technology company looks to bolster its balance sheet.

The Canadian company said Wednesday it will suspend dividend growth and maintain its quarterly payout at the most-recent level until the share price reflects growth prospects.

It also will systematically step down its discounted dividend reinvestment plan, a program that allows investors to use cash dividends to buy additional shares. The discount on the plan will be reduced to 1.75% for dividends declared next February and May, from 2% currently. The discount will be cut to 1.5% for the following two payouts and to 1% for dividends declared in 2027.

Telus said the steps will help it reduce its net debt to earnings before interest, taxes, depreciation and amortization leverage ratio to about three times by the end of 2027, from 3.5-times at the end of September.

It expects the ratio to improve to roughly 3.3-times by the end of 2026, supported by potential hybrid note offerings and free cash flow generation.

Telus said it anticipates generating about 2.15 billion Canadian dollars ($1.54 billion) in free cash flow in 2025. And for the following three years, from 2026 through 2028, it forecast free cash flow growing at a minimum 10% compounded annual rate. Preliminary target for free cash flow for 2026 is C$2.4 billion, with capital expenditure targeted at roughly C$2.3 billion for the year.

Write to Robb M. Stewart at robb.stewart@wsj.com

TELUS advances plan to step down Discounted DRIP in 2026

TELUS pauses dividend growth until share price reflects growth prospects

VANCOUVER, BC, Dec. 3, 2025 /CNW/ - TELUS Corporation ("TELUS" or the "Company") today provided an updated mid-term outlook and further details of its enhanced capital allocation framework, including a new multi-year free cash flow growth target. In addition, TELUS will systematically step down its Discounted DRIP beginning in early 2026 and pause its dividend growth while continuing to pay its quarterly dividend at the most recent level of $0.4184 per share. These actions augment TELUS' plan to reduce its net debt to EBITDA leverage ratio(1) to approximately 3-times by the end of 2027. As of September 30, 2025, the Company's leverage ratio improved to 3.5-times, supported by its successful Terrion partnership, hybrid note issuances, other strategic partnerships and non-core asset divestitures, and continued access to TELUS Digital's strong cash flow generation. We expect further improvement to approximately 3.3-times by the end of 2026, supported by considerable deleveraging initiatives, potential hybrid note offerings and meaningful free cash flow generation.

"TELUS is advancing its capital allocation strategy, supported by strong business fundamentals and significant free cash flow generation," said Darren Entwistle, President and CEO of TELUS. "Our confidence in delivering free cash flow growth at a minimum 10 per cent compounded annual growth rate through 2028 reflects our strong financial momentum. Additionally, we are executing on our clearly defined plan to advance and systematically step down the Discounted DRIP beginning in Q1 2026. Importantly, it is our intention to continue paying the dividend at its current nominal level. We will, however, moderate our dividend growth model of 3 to 8 per cent according to our dividend yield, including pausing our dividend growth until such time as our share price and associated dividend yield better reflects the considerable growth prospects of TELUS. These actions will be augmented by a range of opportunities that we are actively pursuing, including a strategic partner for TELUS Health and accelerated monetization of considerable real estate and copper assets. Collectively, these undertakings reinforce our strong progress on deleveraging, with our leverage ratio expected to reach approximately 3.3-times by the end of 2026 as we advance toward our target of approximately 3-times by the end of 2027."

Three-year free cash flow growth target

Consistent with our public targets, TELUS expects to generate approximately $2.15 billion in free cash flow(1) in 2025. For the subsequent three years, from 2026 through 2028, TELUS expects to grow its free cash flow at a minimum 10 per cent compounded annual growth rate. Our preliminary target for free cash flow for 2026 is $2.4 billion, with capital expenditure target for 2026 at approximately $2.3 billion.

Concurrently, TELUS' free cash flow projections translate into a cash dividend coverage ratio of approximately 75 per cent of free cash flow on a prospective basis, for each of these three years, consistent with the Company's long-term guideline.

Step-down of Discounted DRIP

TELUS plans a step down of its current Discounted DRIP ("DDRIP") of 2 per cent to a discount of 1.75 per cent for dividends declared in February and May 2026, moving to 1.5 per cent for dividends declared in August and November 2026, and to 1 per cent for dividends declared in 2027, with zero discount starting in 2028. The Company's DDRIP has served as a prudent capital management tool as it navigated a significant investment cycle related to its PureFibre network build, as well as over $4 billion in spectrum purchases since 2019. Dividend decisions will continue to be subject to our Board's assessment and the determination of our financial position and outlook on a quarterly basis.

(1) These are Non-GAAP and other specified financial measures. See Section 11.1 of TELUS' third quarter 2025 MD&A.

Caution regarding forward-looking statements

This news release contains forward-looking statements about expected events and the financial and operating performance of TELUS Corporation. The terms TELUS, the Company, we, us and our refer to TELUS Corporation and, where the context of the narrative permits or requires, its subsidiaries.

Forward-looking statements include any statements that do not refer to historical facts. They include, but are not limited to, statements relating to our objectives and our strategies to achieve those objectives, including the statements in this release regarding our deleveraging plan and expected reduction of our net debt to EBITDA leverage ratio, our current monetization and partnership initiatives, the timing and amount of the step down of our Discounted DRIP, our expected free cash flow in 2025, and our targets for free cash flow growth and resulting dividend coverage ratio projections. These statements are made pursuant to the "safe harbour" provisions of applicable securities laws in Canada and the United States Private Securities Litigation Reform Act of 1995. Disclosure regarding our financial targets is presented for the purpose of assisting our investors and others in understanding certain key elements of our expected financial results in 2025 and future years as well as our objectives, strategic priorities and business outlook. Such information may not be appropriate for other purposes.

Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from those described in the forward-looking statements. These statements are subject to risks and uncertainties and are made based on our current assumptions, including assumptions about future economic conditions and courses of action. Accordingly, this news release is subject to the disclaimer and the qualifications and should be read together with the risk factors and assumptions set out in our 2024 annual management's discussion and analysis ("MD&A"), and updated in our third quarter 2025 MD&A, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR+ at sedarplus.ca) and in the United States (on EDGAR at sec.gov). Quarterly dividend decisions are made by our Board of Directors based on our financial position and outlook.

The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements.

About TELUS

TELUS (, ) is a world-leading communications technology company operating in more than 45 countries and generating over $20 billion in annual revenue with more than 20 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. TELUS Health is enhancing more than 160 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. TELUS Agriculture & Consumer Goods utilizes digital technologies and data insights to optimize the connection between producers and consumers. TELUS Digital specializes in digital customer experiences and future-focused digital transformations that deliver value for their global clients. Guided by our enduring 'give where we live' philosophy, TELUS, our team members and retirees have contributed $1.8 billion in cash, in-kind contributions, time and programs including 2.4 million days of service since 2000, earning us the distinction of the world's most giving company.

For more information, visit telus.com or follow @TELUSNews on X and @Darren_Entwistle on Instagram.

Investor Relations

Robert Mitchell

ir@telus.com

Media Relations

Steve Beisswanger

Steve.Beisswanger@telus.com

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SOURCE TELUS Corporation

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