Teck Resources Completes Refinancing and Debt Tender Offer

On August 17, 2010, Teck completed a public offering in the United States of US$750 million in aggregate principal amount of new senior unsecured notes. The offering comprised US$300 million aggregate principal amount of 3.85 per cent notes due 2017 and US$450 million aggregate principal amount of 6 per cent notes due 2040.

Teck used the proceeds of the issuance together with cash on hand to fund its cash tender offer to purchase US$800 million of its outstanding 9.75 per cent senior secured notes due 2014 and 10.25 per cent senior secured notes due 2016, which closed September 1, 2010.

The syndicate for the offering of the new notes was led by Banc of America Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., as joint book-running managers, who also acted as dealer managers for the tender offer.

Teck was represented in-house by Peter Rozee, Senior Vice President, Commercial and Legal Affairs and Nick Uzelac, Corporate Counsel, and in Canada by Lang Michener LLP with a team in Toronto that included Hellen Siwanowicz, John Conway, Andrew Tam and Denno Chen (securities/corporate); Eric Friedman (banking); Paul Carenza (tax) and Henry Krupa (environmental); and a team in Vancouver that included John Morrison (banking) and Amandeep Sandhu (securities/corporate). Teck was represented in the US by Paul, Weiss, Rifkind, Wharton & Garrison LLP with a team in New York that included Edwin Maynard, Aun Singapore, Brett Nadritch, Leah Fleck and Courtney Haraguchi (securities/corporate) and David Sicular and Mashiho Yuasa (tax).

The joint book-running managers for the offering of the new notes and dealer managers for the tender offer were represented in Canada by Blake, Cassels & Graydon LLP with a team in Toronto that included Chris Hewat, Cynthia Sargeant and Gordon McKenna (securities) and Jeffrey Trossman and Wanda Rumball (tax); and in the US by Shearman & Sterling LLP with a team in Toronto that included Christopher Cummings, Hugo Sin and Sonja Sun (securities) along with Laurence Crouch and Anil Kalia (tax) in California.