Teck Completes Extension of Bridge and Term Loan Credit Facilities, US$4.4B of 2009 Payments Deferred

Teck Resources Limited (formerly Teck Cominco Ltd.) amended and restated its existing US$4 billion senior term loan facility and its US$5.81 billion senior bridge loan facility on April 30, 2009. Under the amended and restated facilities, the lenders agreed, among other things, to (i) defer US$4.4 billion of payments previously scheduled in 2009, (ii) extend the maturity date of US$3.5 billion of the senior bridge loan facility from October 29, 2009 to October 30, 2011, and (iii) reschedule approximately US$3.3 billion of amortization payments under the senior term loan facility, with 50 per cent of such rescheduled amount payable in quarterly instalments during 2012. The obligations of Teck under the senior term loan facility and the bridge loan facility have been guaranteed by certain subsidiaries of Teck and secured by certain of the material properties of Teck and such subsidiaries. The security will be released upon repayment of the bridge loan facility and Teck receiving investment grade ratings with stable outlooks from Moody's and S&P.

Teck was represented in-house by Peter Rozee, senior vice president, commercial affairs and Nick Uzelac, corporate counsel and by Stikeman Elliott LLP with a team comprised of Peter Hamilton, Scott Perrin, Kenton Rein, Jill Lankin, Justin Parappally and Enza Agazzi (banking and financial services) and William Braithwaite and Sean Vanderpol (securities/M&A).

The lenders under the credit facilities were represented by Blake, Cassels & Graydon LLP, with a team that included Michael Harquail, Nathan Cheifetz, Michelle Schwartzberg, Michelle Laniel, Nina Mapara, Kim Holas and Karen Reynar (financial services); Chris Hewat and Frank Arnone (securities/M&A); Wanda Rumball (tax) and Thomas von Hahn (real estate).


Frank P. Arnone Wanda L. Rumball Kenton G.C. Rein Peter E. Hamilton Justin Parappally Thomas von Hahn Sean Vanderpol Christopher A. Hewat Jill Lankin Karen Reynar Enza Agazzi Michelle L. Schwartzberg Nathan Cheifetz S. Nina Mapara Scott Perrin William J. Braithwaite Kim Holas Michelle Laniel