 | Teck Resources Limited - TCK.b.t is a significant producer of copper, the second largest seaborne exporter of steelmaking coal and the third largest producer of zinc concentrate. The Company also produces molybdenum and specialty metals. Teck has interests in oil sands development, 13 mines in Canada, the USA, Chile and Peru as well as a metallurgical complex in Canada. |  |
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"Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) (“Teck”) announced today that it has received commitments from a majority of its lenders to extend the maturity of its US$1.2 billion revolving credit facility from June 2017 to June 2019. As part of the extension, Teck has agreed to certain amendments to the credit facility and has also agreed to provide guarantees for the benefit of the credit facility. Lenders holding aggregate commitments of US$200 million have declined to extend and as a result the size of the facility will reduce to US$1 billion in June 2017.
The amended credit facility will contain covenants in addition to those contained in the original facility, including restrictions on the amount of new liens and guaranteed indebtedness. The amendments will limit the amount of secured debt and guaranteed debt that Teck can issue. The maximum amount of secured debt will be equal to 4% of Teck's consolidated net tangible assets, or US$1 billion, whichever is greater. The maximum amount of guaranteed debt (including secured debt) will be equal to 9% of Teck’s consolidated net tangible assets, or US$2.25 billion, whichever is greater. There are specific exemptions to each of the restrictions. Teck will also be subject to covenants regarding asset sales and future subsidiary guarantors. The debt to total capitalization covenant in Teck’s current credit facility will not be amended. Teck will also extend the guarantees to its other credit facilities.
The obligations of the lenders to extend and amend the credit facility are subject to various conditions, including the settlement and execution of definitive financing documentation, delivery of the subsidiary guarantees, and other customary conditions precedent.
About Teck
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK.
http://canadastockjournal.blogspot.com/2015/07/teck-resources-limited-tckbt.html
The obligations of the lenders to extend and amend the credit facility are subject to various conditions, including the settlement and execution of definitive financing documentation, delivery of the subsidiary guarantees, and other customary conditions precedent.
About Teck
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK.
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