Canada's Telus to raise C$1.3 billion through stock sale
- Wall Street rebounds after two-day decline; Netflix slides
- Netflix (NFLX) Plunges Following Q1 Sub Miss, But One Analyst Sees Chance to Turn Bullish
- Oil prices drop 2% on U.S. crude build, COVID-19 surge in India
- Intuitive Surgical (ISRG) Q1 Beat Prompts Two Street Upgrades
- U.S. dollar losses bounce after Canada tips toward higher rates
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
(Reuters) - Telus Corp 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% discount to the stock's last close on the Toronto Stock Exchange.
Telus intends 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 company said.
U.S.-listed shares of the company were down 3.6% in extended trading.
The offering is expected to close on or about March 31.
($1 = 1.2610 Canadian dollars)
(Reporting by Tiyashi Datta in Bengaluru; Editing by Shinjini Ganguli and Sriraj Kalluvila)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UiPath (PATH) IPO Opens 17% Higher
- Singapore, Hong Kong call off air travel bubble announcement: Bloomberg News
- Australia states investigate COVID-19 spread in quarantine hotels