Telus Corp. (TSX:T) is seeking to raise up to $1.5 billion from a new share sale.
The Vancouver-based telecommunications giant is offering up 25 million shares priced at $52 each, which would result in proceeds of approximately $1.3 billion. The share sale is being conducted on a "bought-deal basis" with all five of Canada’s largest banks involved as bookrunners.
If the over-allotment is exercised, Telus could raise up to $1.5 billion, the company said in a written statement. The company also said it intends to direct proceeds from the share sale toward general corporate purposes such as funding growth opportunities, capital expenditures and reducing debt.
The share offering is subject to approval from the Toronto Stock Exchange and New York Stock Exchange, with closing expected to occur around February 26. A previously-announced two-for-one stock split will take effect for Telus shareholders on March 17.
T shares opened Thursday down $2.26, or 4.2%, to $51.46.
