Telus said on Thursday it would raise C$1.3 billion ($1.03 billion) through an equity offering as the Canadian telecom company boosts investments in broadband connectivity and 5G.
The company said it would sell 51.3 million of its shares to underwriters at C$25.35 apiece, a 3.4 percent discount to the stock’s last close on the Toronto Stock Exchange.
Telus aims to use the net proceeds to speed up its broadband capital investment program, including the build-out of its PureFibre infrastructure in Alberta, British Columbia and Eastern Quebec, as well as an accelerated roll-out of its national 5G network.
RBC Capital Markets and CIBC Capital Markets are the underwriters, while BMO Capital Markets, Scotiabank and TD Securities Inc the joint book runners. The offering is expected to close on or about March 31.