VANCOUVER - Teck Resources has announced plans to raise US$750 million through the sale of senior unsecured notes. Notes at 3.85% due in 2017 will be offered for a total of US$300 million. Notes at 6.00% due in 2040 will supply the remaining US$450 million. The offer is expected to close on Aug. 17, 2010, subject to the customary conditions.
Teck intends to use the net proceeds from this offering together with cash on hand, if necessary, to fund the purchase of its 9.75% senior secured notes due 2014 and 10.25% senior secured notes due 2016 that are tendered and accepted for purchase in its tender offer commenced on Aug. 3, 2010.
Teck mines coal, copper and zinc in North and South America. Go to www.Teck.com to learn more.