Teck Resources starts $500 million tender offer covering six notes

Chicago, May 24 – Teck Resources Ltd. started a cash tender offer for up to $500 million principal amount of notes on Tuesday evening, according to a press release.

The company is offering to buy from the following six series, listed by acceptance priority level:

• $794,717,000 outstanding 6.25% notes due 2041 (Cusip: 878742AW5) with pricing to be based on the 3.25% U.S. Treasury due May 15, 2042 plus 230 basis points;

• $609,355,000 outstanding 6 1/8% notes due 2035 (Cusip: 878742AE5) with pricing to be based on the 2.875% U.S. Treasury due May 15, 2032 plus 230 bps;

• $490.67 million outstanding 6% notes due 2040 (Cusip: 878742AS4) with pricing to be based on the 3.25% U.S. Treasury due May 15, 2042 plus 230 bps;

• $376,908,000 outstanding 5.4% notes due 2043 (Cusip: 878742AZ8) with pricing to be based on the 3.25% U.S. Treasury due May 15, 2042 plus 230 bps;

• $399,043,000 outstanding 5.2% notes due 2042 (Cusip: 878744AB7) with pricing to be based on the 3.25% U.S. Treasury due May 15, 2042 plus 230 bps; and the

• $550 million outstanding 3.9% notes due 2030 (Cusip: 878742BE4, 878742BG9) with pricing to be based on the 2.875% U.S. Treasury due May 15, 2032 plus 195 bps.

Pricing will include an early tender premium of $50 per $1,000 note. Interest will also be paid to the applicable settlement date.

To be eligible to receive the total consideration, noteholders must tender their notes by the early tender deadline at 5 p.m. ET on June 7, also the withdrawal deadline.

Pricing will take place at 10 a.m. ET on one day after the early tender deadline, expected to be June 8.

Early settlement is planned for June 10.

The offer expires one minute after 11:59 p.m. ET on June 22.

The final settlement date is June 24.

Tenders may be subject to proration.

J.P. Morgan Securities LLC (866 834-4666) and TD Securities (USA) LLC (866 584-2096) are the lead dealer managers.

Barclays, RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc. are the co-dealer managers for the tender offer.

Global Bondholder Services Corp. is the tender agent and information agent (212 430-3774, 855 654-2015, contact@gbsc-usa.com).

Based in Vancouver, B.C., Teck is a mining company focused on copper, steelmaking coal, zinc and investments in energy assets.

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