| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Teck Resources Ltd. > News item |
Teck gets early tenders for 72.4% of 9.75%, 44.2% of 10.25% notes
By Jennifer Chiou
New York, Aug. 16 - Teck Resources Ltd. announced the receipt of early tenders for $952.5 million, or 72.4%, of its $1.32 billion of 9.75% senior secured notes due 2014 and $469 million, or 44.2%, of its $1.06 billion of 10.25% senior secured notes due 2016 as of 5 p.m. ET on Aug. 16.
As previously amended, the company will purchase up to $800 million total of the notes instead of up to $600 million.
Early settlement of the notes is conditioned on Teck's offering of $300 million of 3.85% notes due 2017 and $450 million of 60% notes due 2040, or a waiver of the financing condition in the offer. Closing is expected on Tuesday for the offering.
Teck added that it is offering to purchase $600 million, or 45.63%, of the total amount of 9.75% notes. Because of this, the company said it is limited to accepting 45.63%, or $434.6 million, of the already tendered notes due 2014.
The offer launched Aug. 3 and will end at midnight ET on Aug. 30.
The company will pay $1,242.50 for each $1,000 principal amount of 9.75% notes and $1,197.50 for each 10.25% note, including a $30.00 premium for notes tendered by the early tender date.
The notes are listed in order of acceptance priority level. There is a sublimit of $300 million principal amount for 10.25% notes purchased in the offer.
Banc of America Securities LLC (888 292-0070), Citigroup Global Markets Inc. (800 558-3745, attn: liability management group) and J.P. Morgan Securities Inc. (866 834-4666, attn: liability management group) are the dealer managers for the tender offer. Global Bondholder Services Corp. (866 389-1500, attn: corporate actions) is the depositary and information agent.
Teck is a Vancouver, B.C.-based diversified resource company with business units focused on copper, metallurgical coal, zinc, gold and energy.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.