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TELUS (TSX:T) launches TELUS Global Connect
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  • TELUS has announced that the company has closed its bought deal offering of common shares that was announced on March 25
  • The company sold 51,300,000 common shares for total gross proceeds of C$1.3 billion
  • The company will use proceeds from the offering to accelerate its broadband capital investment program
  • TELUS is one of the big three wireless service providers in Canada, with its 9 million subscribers nationwide constituting almost 30% of the total market
  • TELUS (T) is down 0.99 per cent and is currently trading at C$25.03 per share

TELUS has announced that the company has closed its bought deal offering of common shares announced on March 25.

The company sold 51,300,000 common shares for total gross proceeds of C$1.3 billion.

The common shares were offered through a syndicate of underwriters led by RBC Capital Markets and CIBC Capital Markets.

BMO Capital Markets, Scotiabank and TD Securities Inc. are joint bookrunners.

Proceeds of the offering will be used to further strengthen the company’s balance sheet.

The company will capitalize on the opportunity to accelerate its broadband capital investment program.

Additionally, the company plans to advance the build-out of TELUS PureFibre infrastructure in Alberta, British Columbia and Eastern Quebec.

TELUS will also advance plans to develop its national 5G network.

The closing of the bought deal offering comes as TELUS continues to be a front-runner in the telecom industry in the fewest customer complaints. This is according to a report from the Commission for Complaints about Telecom-Television Services (CCTS).

“The significant investments we have made in our networks across Canada have kept Canadians connected to school, work, and one another over the last year, while enabling thousands of businesses to pivot to digital operations during the COVID-19 pandemic,” said Tony Geheran, Executive Vice President and Chief Customer Officer of TELUS.

“Our customers have relied upon our services more than ever since March 2020, and we are proud to see that in that same timeframe, complaints about TELUS came down by 7.5 per cent year-over-year.”

TELUS is one of the big three wireless service providers in Canada, with its 9 million subscribers nationwide constituting almost 30% of the total market.

TELUS (T) is down 0.99 per cent and is currently trading at C$25.03 per share as of 4:00 pm ET.

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