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
offering.
The Paul, Weiss team advising Teck included corporate partners
Christopher Cummings
and Edwin Maynard and counsel Stephen
Centa; tax partner David Sicular; and environmental
counsel William O'Brien.