Teck Resources reduces debt, extends maturities through third-quarter transactions

By Jennifer Lanning Drey

Savannah, Ga., Oct. 27 - Teck Resources Ltd. reduced its total debt and extended its maturities through transactions carried out during the third quarter, Ronald Milos, chief financial officer of Teck, said Wednesday during the company's quarterly earnings call.

During the quarter, the company began two tender offers, which were financed with cash on hand and the issuance of new lower coupon notes maturing in 2017, 2021 and 2040.

Upon completion of the second of the tender offers in October, Teck had total debt of C$5.7 billion, according to its third-quarter report.

Cash flow from operations before changes in non-cash working capital items was C$818 million in the third quarter, up about 21% from the prior quarter, Milos said.

For the third quarter, Teck reported EBITDA of C$912 million and record revenues of C$2.5 billion. The figures compared with adjusted EBITDA of C$1.24 billion in the third quarter of 2009 on revenues of C$2.131 billion.

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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