TELUS (TU) said Monday that it will redeem 500 million Canadian dollars ($370 million) of its outstanding 2.75% Notes, Series CZ, due July 8.

The partial redemption will take place on May 8. The notes will be selected on a pro rata basis, it said.

TELUS said it currently has CA$800 million of the notes outstanding.

The company said the redemption will be funded using proceeds from its fixed-to-fixed rate junior subordinated notes offerings completed in December.