Teck Cominco Limited entered into a new credit agreement with a syndicate of lenders providing for a US$425 million credit facility on March 7, 2002. J.P. Morgan Securities Inc. and RBC Capital Markets Inc. acted as joint lead arrangers. The facility consists of two tranches: a US$265 million revolving tranche with a five-year term; and a US$160 million tranche with an extendable 364-day revolving term and a two-year non-revolving term out. Drawings under the facility will be used for Teck Cominco’s general corporate purposes.
Directing the transaction for Teck Cominco were John Taylor, senior vice-president, finance, and chief financial officer; Larry Mackwood, treasurer; and Peter Rozee, vice-president, commercial and legal affairs. Ian Webb and Tim Sehmer of Borden Ladner Gervais LLP acted as outside counsel for Teck Cominco. The syndicate of lenders was represented by Michael Harquail and Robert Willetts of Blake, Cassels & Graydon LLP.