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Teck Resources holders tender $543 million in 10¾% notes due 2019
By Devika Patel
Knoxville, Tenn., Oct. 6 - Teck Resources Ltd. said holders tendered $543 million, or 29%, of its $1.85 billion in 10¾% senior secured notes due 2019 as part of the company's offer to buy up to $1 billion of the notes.
The tender offer expired at midnight ET on Oct. 5 and launched on Sept. 8.
Holders will receive $1,257.50 for each $1,000 principal amount of notes. This includes an early tender payment of $30.00 for each of the $293 million in notes tendered by the early tender deadline of 5 p.m. ET on Sept. 21.
The company will also pay accrued interest up to but excluding the settlement date.
The company is funding the tender offer in part with the proceeds of an offering of $700 million of senior unsecured notes due 2021 and 2040. The notes due 2040 are an add-on to the $450 million of 6% notes that were issued on Aug. 17.
The dealer managers for the tender offer were J.P. Morgan Securities LLC (866 834-4666), Banc of America Securities LLC (888 292-0070), Citigroup Global Markets Inc. (800 558-3745) and Goldman Sachs & Co. The information agent was Global Bondholder Services Corp. (866 389-1500).
Teck is a Vancouver, B.C.-based mining company with major business units focused on copper, steelmaking coal, zinc and energy.
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