Teck Resources Starts Consent Solicitation to Amend Note Covenants

MT Newswires Live08-03

Teck Resources (TECK) said Monday it started a process to amend the terms of six series of its outstanding notes to align certain covenants and events of default with corresponding provisions in Anglo American's debt indenture.

The targeted debt includes $142.2 million of 3.9% notes due July 2030, $179.5 million of 6.125% notes maturing in October 2035, and $189.9 million of 6% notes due August 2040, the company said.

The change also covers $242.5 million of 6.25% notes maturing in July 2041, $166.9 million of 5.2% notes due March 2042, and $108 million of 5.4% notes due February 2043, Teck Resources said.

Holders who submit valid, unrevoked consents by the Aug. 11 voting deadline will receive a cash consent fee of $1 for every $1,000 in principal amount, provided the applicable conditions are met.

Shares of the company were down 1.7% in Monday trading.

Price: 59.33, Change: -0.94, Percent Change: -1.55

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