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Canada : Teck Announces Redemption of US$214 Million Principal Amount of Notes.

Teck Resources Limited (Teck) announced today that it has issued a notice of redemption to redeem, on June 7, 2017, all of the approximately US$84 million principal amount of its 3.000% notes due 2019 (2019 Notes) and all of the approximately US$130 million principal amount of its 8.000% notes due 2021 (2021 Notes and together with the 2019 Notes, the Notes). Interest expense savings resulting from the redemption are expected to be approximately US$10 million per annum, on an after-tax basis. Teck expects to record an estimated net after-tax accounting charge of approximately US$19 million in connection with the redemption. The Bank of New York Mellon Trust Company, as trustee, has distributed the notice of redemption to registered holders of the Notes. Teck expects to fund the redemptions from cash on hand.

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Publication:Mena Report
Date:Jun 3, 2017
Words:151
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