Teck Resources starts roadshow for $1 billion two-part notes offer; pricing expected Thursday

By Paul A. Harris

Portland, Ore., May 23 – Teck Resources Ltd. began a roadshow on Monday for a $1 billion two-part offering of senior notes (B1), according to a market source.

The deal includes five-year notes, which come with two years of call protection, and eight-year notes, which come with three years of call protection.

Tranche sizes remain to be determined.

The deal is expected to price on Thursday.

J.P. Morgan Securities LLC is leading the sale, the source said.

The Vancouver, B.C.-based developer and miner of steelmaking coal and zinc plans to use the proceeds to fund the tender offers for up to $1 billon of its 3.15% notes due 2017, 3.85% notes due 2017, 2½% notes due 2018 and 3% notes due 2019, with any remaining proceeds to be used for general corporate purposes.

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