Paul, Weiss advised Teck Resources Limited (Teck) on the closing
of its issuance of $500 million of 2.500% Notes due 2018, $750
million of 3.750% Notes due 2023 and $500 million of 5.400% Notes
due 2043. The Notes are unconditionally guaranteed on a senior
unsecured basis by Teck Metals Ltd., a wholly owned subsidiary of
Teck. After underwriting fees and estimated offering
expenses, the aggregate net proceeds to the company totaled
approximately $1.727 billion.
Teck intends to use the net proceeds, together with cash on
hand, to fund the redemption of all of the approximately $659.5
million aggregate principal amount of its outstanding 10.25% Senior
Notes due 2016, the redemption of all of the approximately $521.3
million aggregate principal amount of its outstanding 10.75% Senior
Notes due 2019 and the amounts payable on maturity of the
approximately $200 million of its outstanding 7.00% Notes due
September 2012, as well as other general corporate purposes.
Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Goldman,
Sachs & Co, Morgan Stanley & Co. LLC and RBC Capital
Markets, LLC are acting as joint bookrunning managers for the
The Paul, Weiss team advising Teck included corporate partners
and Edwin Maynard and counsel Stephen
Centa; tax partner David Sicular; and environmental
counsel William O'Brien.