TELUS completes redemption of 3.75% Notes, Series CV due March 10, 2026

TELUS (NYSE:TU) completed the full redemption of its outstanding C$600 million 3.75% Notes, Series CV due March 10, 2026 on Jan 16, 2026.

Rhea-AI Summary

TELUS (NYSE:TU) completed the full redemption of its outstanding C$600 million 3.75% Notes, Series CV due March 10, 2026 on Jan 16, 2026.

The redemption was funded by proceeds from TELUS' Dec 2025 offering of Fixed-to-Fixed Rate Junior Subordinated Notes (Hybrid Notes) that raised the equivalent of C$2.9 billion, with proceeds designated toward debt repayment. The company also early-redeemed seven series of discounted notes totaling C$1.0 billion in cash proceeds as part of broader deleveraging initiatives.

TELUS reports a projected 2025 net debt to adjusted EBITDA of ~3.4x and targets circa 3.3x by year-end 2026 and ~3.0x by end of 2027, citing improved balance sheet flexibility.

Positive

• Full redemption of C$600 million Series CV notes completed
• Raised equivalent of C$2.9 billion from Dec 2025 Hybrid Notes
• Early redemption of C$1.0 billion across seven discounted note series
• Targets net debt to adjusted EBITDA reduction to circa 3.3x in 2026

Negative

• 2025 net debt to adjusted EBITDA remains relatively high at ~3.4x

Argus Jan 16 session

-0.37% close to close Open Argus

Details

News Market Reaction – TU

On Jan 16, the day this news came out, TU closed 0.37% below the previous close.

Data tracked by StockTitan Argus for the Jan 16 session.

Key Figures

Redeemed notes principal: C$600 million Hybrid Notes proceeds: C$2.9 billion Discounted notes redeemed: C$1.0 billion +3 more

Redeemed notes principal

C$600 million

3.75% Notes, Series CV due March 10, 2026

Hybrid Notes proceeds

C$2.9 billion

December 2025 Fixed-to-Fixed Rate Junior Subordinated Notes offering

Discounted notes redeemed

C$1.0 billion

Early redemption of seven series of discounted notes

2025 net debt/adjusted EBITDA

3.4-times

Projected 2025 leverage level

2026 net debt/adjusted EBITDA target

3.3-times

Target by year-end 2026

2027 net debt/adjusted EBITDA target

3.0-times

Target by end of 2027

Historical Context

5 past events · Latest: Jan 08

5 events

1. Jan 08

   Strategic partnership review

   24h Move

   +1.5%

   Engaged advisors to monetize TELUS Health to support deleveraging goals.

2. Jan 05

   Insider share purchases

   24h Move

   -0.2%

   Board and CEO share buying and NCIB activity reinforcing confidence.

3. Dec 16

   Note redemption notice

   24h Move

   -0.5%

   Announced full redemption plan for C$600M 3.75% Series CV notes.

4. Dec 12

   Debt tender offers

   24h Move

   +0.3%

   Upsized and completed cash tenders for seven series of notes.

5. Dec 09

   Industry recognition

   24h Move

   -0.5%

   TELUS Digital named a Leader in NelsonHall 2025 CX evaluation.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

fixed-to-fixed rate junior subordinated notes, hybrid notes, cusip, net debt to adjusted ebita, +1 more

5 terms

fixed-to-fixed rate junior subordinated notes financial

"December 2025 offering of Fixed-to-Fixed Rate Junior Subordinated Notes ("Hybrid Notes")"

A fixed-to-fixed rate junior subordinated note is a loan-like security that pays a set interest rate for an initial period and then switches to a different set interest rate for a later period, with both rates fixed. It ranks below senior debt in a company’s repayment order, so it offers higher yields to compensate for greater risk; investors should care because it affects expected income and how quickly they would be repaid if the issuer faces financial trouble—think of holding a higher step on a repayment ladder with predictable but riskier payments.

hybrid notes financial

"December 2025 offering of Fixed-to-Fixed Rate Junior Subordinated Notes ("Hybrid Notes"), which raised"

Hybrid notes are financial instruments that combine features of bonds and stocks: they pay regular interest like a loan but can have conditions that delay payments, convert to equity, or remain unpaid in a stress event. For investors they matter because they typically offer higher yield than plain bonds to compensate for greater risk and lower priority in repayment, so they change both potential return and exposure to a company’s financial trouble, similar to a loan that can sometimes act like an ownership stake.

cusip financial

"3.75% Notes, Series CV due March 10, 2026 (CUSIP No. 87971MBC6)"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

View in glossary

net debt to adjusted ebita financial

"2025 net debt to adjusted EBITDA projected at approximately 3.4-times"

Net debt to adjusted EBITDA is a ratio that compares a company’s total borrowing (after subtracting cash and short-term investments) to its recurring operating cash flow, where EBITDA is cleaned of one-time items to show normal earnings. Investors use it like a speedometer showing how many years of steady earnings would be needed to pay off debt; a lower number means the company is in a safer financial position and better able to handle interest or downturns.

deleveraging financial

"broader balance sheet management and deleveraging initiatives, which also included the early redemption"

Deleveraging is the process of a company reducing the amount of debt it carries relative to its assets or equity, either by paying down loans, selling assets, or raising fresh equity. For investors it matters because lower debt typically means less financial risk and steadier cash flow—like removing weight from a backpack to make a hike safer and easier—while it can also slow growth if borrowing had been funding expansion.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

VANCOUVER, BC, Jan. 16, 2026 /PRNewswire/ - TELUS Corporation ("TELUS" or the "Company") today confirmed the successful completion of the full redemption of its outstanding C$600 million 3.75% Notes, Series CV due March 10, 2026 (CUSIP No. 87971MBC6), as initially announced on December 16, 2025. The redemption was funded through proceeds from TELUS' December 2025 offering of Fixed-to-Fixed Rate Junior Subordinated Notes ("Hybrid Notes"), which raised the equivalent of C$2.9 billion with proceeds designated toward debt repayment.

"This successful redemption demonstrates our disciplined approach to balance sheet management and our commitment to strengthening our financial foundation," said Doug French, Executive Vice-President and CFO. "By proactively managing our debt maturity profile through strategic refinancing, we're creating greater financial flexibility to support our capital allocation priorities and drive long-term shareholder value."

This redemption is part of TELUS' broader balance sheet management and deleveraging initiatives, which also included the early redemption of seven series of discounted notes totaling C$1.0 billion in cash proceeds, as communicated on December 10, 2025, following the issuance of the Hybrid Notes.

Today's update underscores TELUS' commitment to balance sheet management and supports its deleveraging trajectory, moving ahead of plan, with 2025 net debt to adjusted EBITDA projected at approximately 3.4-times. The Company aims to reach circa 3.3-times or lower by year-end 2026, and approximately 3.0-times by the end of 2027.

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 strategic priorities and our strategies to achieve those objectives and strategic priorities, including the statements in this release regarding our deleveraging plan and its timeline. 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 (TSX: T, NYSE: TU) 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 continues to invest in initiatives that support education, health and community well-being. In 2023, we launched the TELUS Student Bursary, which strives to ensure that every young person in Canada who wants a postsecondary education has the opportunity to pursue one. To date, the program has distributed over $6 million in bursaries to more than 1,600 students and counting. Since 2000, 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—earning TELUS 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
Ian McMillan
ir@telus.com

Media Relations
Steve Beisswanger
Steve.Beisswanger@telus.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/telus-completes-redemption-of-3-75-notes-series-cv-due-march-10--2026--302663433.html

SOURCE TELUS Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did TELUS (TU) redeem on January 16, 2026?

TELUS completed the full redemption of its C$600 million 3.75% Notes, Series CV due March 10, 2026.

How was the redemption of the Series CV notes funded for TELUS (TU)?

The redemption was funded with proceeds from TELUS' December 2025 offering of Hybrid Notes that raised the equivalent of C$2.9 billion.

What other debt actions did TELUS (TU) take alongside the Series CV redemption?

TELUS early-redeemed seven series of discounted notes totaling C$1.0 billion in cash proceeds as part of deleveraging initiatives.

What is TELUS' net debt to adjusted EBITDA trajectory after the redemption?

TELUS projects 2025 net debt to adjusted EBITDA at ~3.4x, aiming for circa 3.3x by year-end 2026 and ~3.0x by end 2027.

What is the significance of TELUS' Dec 2025 Hybrid Notes for shareholders?

The Hybrid Notes provided C$2.9 billion of proceeds designated for debt repayment to support balance sheet management and flexibility.