Telus Corp. priced Canada’s first sustainability-linked bonds, a kind of debt sale where the proceeds can be used broadly and not just for environmental purposes.

The telecom company sold $750 million (US$606 million) of the bonds maturing in November 2031 up from at least $500 million initially offered, according to people familiar with the matter. The securities were priced at a yield of 137 basis points over over Canadian government securities, at the tight end of a spread guidance communicated to investors earlier Monday, and garnered orders for over 3.5 times the deal size, said the people.

Telus went ahead with the transaction at a time when the Vancouver-based telco is bidding in an auction for 3,500-MHz spectrum. The proceeds of sustainability-linked bonds, or SLBs, can be used for the companies’ general funding plans so it can be a fit for a wider range of companies, including those industries such as energy and mining, which may find it harder to issue green bonds.

Telus plans to use the net proceeds of the offering for the repayment of outstanding debt among other general corporate purposes. The company is going ahead with the deal after company executives including Chief Financial Officer Doug French held calls with investors on June 15 and 16.

The notes will have a potential interest step-up in November 2030 should it fail to meet a goal related to the reduction of its greenhouse gas emissions. Over 70 investors took part in transaction, according to people familiar with matter.

The telecom company may be followed by Enbridge Inc. which last week released the first framework for the issuance of sustainability-linked bonds from a North American pipeline company. The Calgary-based firm may consider a transaction in U.S. dollars first.

A press officer for Telus didn’t provide immediate comment.