UNDERWRITING – Teck Cominco to raise US$1B

VANCOUVER - TECK COMINCO has entered into an agreement with a syndicate of underwriters headed by JP MORGAN and CITIGROUP to raise US$1 billion. The company will issue US$300 million in 10-year notes bearing interest of 5.375% per annum and US$700 million in 30-year notes bearing interest at 6.125% per annum. The transaction was expected to close on Wed., Sept. 28.

The net proceeds will be used to repay indebtedness maturing in the next year, to fund new investments including the Fort Hills oil sands project, and general corporate purposes, says the company (www.TeckCominco.com).