Thursday, September 9, 2010

Teck Resources (NYSE:TCK) to Buy Back $1 Billion of Notes by Issuing New Debt

With a goal of buying back up to $1 billion of notes, Teck Resources (NYSE:TCK) said they're going to offer as high as $700 million in senior unsecured notes on the market.

The notes to be acquired are outstanding senior secured notes due 2019.

To raise the capital to buy back the notes they're going to offer to sell up to $700 million of senior unsecured notes due 2021 and 2040.

An underwritten public offering in the U.S. will be initiated where the new senior unsecured notes will be sold.

The expiration of the tender offer to buy back the outstanding senior secured notes will be October 5, unless it is terminated earlier or extended to a later date.

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