Teck Resources Ltd. (TCK_A.TO,TCK_B.TO, TCK) said Monday that it has priced an offering of US$1.75 billion in aggregate principal amount of notes, consisting of US$500 million aggregate principal amount of 2.500% notes due 2018, US$750 million aggregate principal amount of 3.750% notes due 2023 and US$500 million aggregate principal amount of 5.400% notes due 2043. The offering is expected to close on or about August 8.
Teck expects to receive aggregate net proceeds of about US$1.727 billion from the offering, after deducting underwriting fees and estimated offering expenses.
The company plans to use the net proceeds, in addition to cash on hand, to fund the redemption of all of its outstanding 10.25% senior notes due 2016 in the third quarter of 2012 and for general corporate purposes, including the retirement or redemption from time to time of additional indebtedness.
Teck currently expects that additional indebtedness to include all, or part of, amounts due on maturity of its 7.00% notes due September 2012 and amounts payable on redemption of all of its 10.75% senior notes due 2019 , which the company currently expects to redeem in the fourth quarter of 2012.
Net proceeds not used to retire or redeem indebtedness may be used for other general corporate purposes, including capital expenditures, share repurchases or as general working capital.
About US$659.5 million of 2016 Notes, US$200 million of 2012 Notes and US$521.3 million of 2019 Notes are outstanding.
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