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[COMPANY LOGO] News Release
September 20, 2000
TELUS-CLEARNET DEAL MILESTONES MET
TELUS COMMENCES TENDER OFFERS TO CLEARNET SHAREHOLDERS...
NEW YORK STOCK EXCHANGE CLEARS TELUS TO APPLY FOR LISTING...
STANDARD & POOR'S ASSIGNS INVESTMENT GRADE CREDIT RATING TO TELUS
Burnaby, B.C. - TELUS Corporation today began mailing its "Offers to Purchase"
and a circular and related materials to Clearnet Communications Inc.
shareholders. The Offers will expire at 12:01 a.m. local time at share
deposit locations on October 19, 2000, unless extended.
Under the Offers, TELUS is offering C$70 for each Class A Non-Voting Share,
Class C Subordinate Voting Share or Class D Subordinate Voting Share of Clearnet
and C$0.70 for each Class B Share or 1.636 TELUS Non-Voting Shares for each
Class A, C or D share and 0.01636 TELUS Non-Voting Share for each Class B share,
or a combination of the foregoing. However, in total, TELUS will pay for
Clearnet shares in equal parts cash (C$2.3 billion) and TELUS Non-Voting Shares
(53.86 million). Clearnet shareholders tendering their shares will be prorated
depending upon the total number of shareholders electing to receive cash versus
TELUS Non-Voting shares.
The combined company will be a leader in the fast-growing market for national
wireless voice, data and Internet services. The combination of TELUS's and
Clearnet's wireless operations will create the largest wireless company in
Canada in terms of annual revenue, customer growth and wireless spectrum
position. The transaction, valued at C$6.6 billion of equity and debt, will
unite Western Canada's leading wireless company with the country's most dynamic
national wireless company in the largest telecommunications industry transaction
in Canada's history.
In a related development, the New York Stock Exchange (NYSE) has granted TELUS
clearance to apply for a listing of its Non-Voting Shares. If a listing is
approved, it will be the first time TELUS shares trade on a stock exchange
outside Canada.
TELUS is seeking the NYSE listing to provide U.S. investors easier access to,
and trading of, the company's shares. If approved, TELUS Non-Voting Shares could
begin trading on the NYSE in October and/or before TELUS begins purchasing
Clearnet shares.
As part of the financing plan for the Clearnet transaction, TELUS sought
investment-grade credit ratings. Yesterday, Standard & Poor's credit rating
service assigned a BBB+ rating with stable outlook on the C$7.7 billion bridge
bank facility, on TELUS Corporation and on existing Clearnet debt. This rating
recognizes TELUS as a solid investment-grade credit, meeting one of the
company's financial objectives.
TELUS is Canada's second largest telecommunications company and provides a full
range of advanced communication services and products connecting Canadians with
the world. TELUS shares trade on the Toronto Stock Exchange under the stock
symbols T (Common Voting) and T.A (Common Non-Voting). For more information
about TELUS, visit www.telus.com.
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For more information, please contact:
Doug Strachan John Wheeler
Media Relations Investor Relations
(604) 432-2663 (780) 493-7310
