On June 7, 2016, Teck Resources Ltd. completed a private placement offering of US$1.25 billion in aggregate principal amount of senior unsecured notes, consisting of US$650 million aggregate principal amount of 8.000 per cent notes due 2021 and US$600 million aggregate principal amount of 8.500 per cent notes due 2024.
J.P. Morgan Securities LLC, Goldman, Sachs & Co. and Merrill Lynch, Pierce, Fenner & Smith Inc. acted as joint book-running managers for the initial purchasers of the notes.
The net proceeds of the note offering were applied by Teck to fund its previously announced tender offers to purchase for cash up to US$1.25 billion principal amount of its 3.150 per cent notes due 2017, 3.850 per cent notes due 2017, 2.500 per cent notes due 2018 and 3.000 per cent notes due 2019.
Teck was represented in-house by Nick Uzelac, corporate counsel, and in the US by Paul, Weiss, Rifkind, Wharton & Garrison LLP with a team that included Edwin Maynard, Christopher Cummings, Stephen Centa and Ronnie Ollo (securities) and David Sicular and Maya Linderman (tax). Teck was represented in Canada by McMillan LLP with a team in Toronto that included Hellen Siwanowicz and Adam Kline (securities/corporate); and a team in Vancouver that included Amandeep Sandhu, Arman Farahani and Andjela Vukubrat (securities/corporate) and Peter Botz (tax).
The initial purchasers were represented in the US by Shearman & Sterling LLP with a team that included Jason Lehner, Kevin Roggow and Joanna Enns (securities) and Larry Crouch (tax). The initial purchasers were represented in Canada by Blake, Cassels & Graydon LLP with a team in Toronto that included Tim Andison, Madison Kragten and Sabrina Radia-Bramwell (securities). Click save click save it