TELUS Corp. priced an offering of US$500 million senior unsecured notes with a 30-year maturity.

The notes were priced at US$99.048 per US$100 principal amount for an effective yield of 4.357% per annum and will mature on June 15, 2049. Closing of the offering is expected to occur on or about May 28, subject to customary closing conditions, the Canadian telecommunications company said May 22.

The company plans to use the net proceeds for the repayment of outstanding debt, including outstanding commercial paper, the redemption of a portion of the C$1.0 billion outstanding on the company's 5.05% series CH notes due July 23, 2020, and for general corporate purposes.

The notes are being offered through a syndicate of underwriters led by BofA Securities Inc., RBC Capital Markets LLC, TD Securities (USA) LLC and Wells Fargo Securities LLC.