https://www.miningweekly.com

Teck to redeem $214m of notes

3rd June 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

Font size: - +

VANCOUVER (miningweekly.com) – Teck Resources announced another round of note redemption to the value of $214-million on Friday, expecting interest expense savings resulting from the redemption of about $10-million a year, on an after-tax basis.

The Vancouver-based diversified miner has issued a notice of redemption to redeem, on June 7, all of the about $84-million principal amount of its 3% notes due in 2019 and all of the $130-million principal amount of its 8% notes due in 2021.

Teck expects to record an estimated net after-tax accounting charge of about $19-million as a result of 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.

With the additional profits and cash flow generated from higher commodity prices, Teck took the opportunity to further strengthen its balance sheet by buying back $1-billion of its outstanding notes in March. In the last eighteen months, Teck has reduced the principal amount of its outstanding notes by $2.1-billion, with $5.1-billion of notes still outstanding as at March 31.

The company’s debt to debt-plus-equity ratio over the same period has declined from 36% to 27%.

Edited by Creamer Media Reporter

Comments

Latest News

The Abujar mine
Zhaojin Mining ups stake in takeover target Tietto Minerals
Updated 6 hours ago By: Reuters

Showroom

SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 
Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.07 0.105s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: