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News Jun 07, 2016

Shearman & Sterling Advises Initial Purchasers in Teck Resources Limited’s $1.25 Billion Notes Offering and Tender Offer

Shearman & Sterling represented J.P. Morgan Securities LLC, Goldman, Sachs & Co. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint book-running managers, and RBC Capital Markets, LLC, Barclays Capital Inc., BMO Capital Markets Corp., CIBC World Markets Corp., Scotia Capital (USA) Inc., TD Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC, as joint bookrunners, in connection with Teck Resources Limited’s US$1.25 billion Rule 144A/Regulation S private placement consisting of US$650 million aggregate principal amount of 8.000% notes due 2021 and US$600 million aggregate principal amount of 8.500% notes due 2024.

Teck used the net proceeds from the offering to fund its tender offers to purchase for cash up to US$1.25 billon principal amount of its 3.150% notes due 2017, 3.850% notes due 2017, 2.500% notes due 2018 and 3.000% notes due 2019. Shearman & Sterling advised Goldman, Sachs & Co., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated as dealer managers on this concurrent tender offer.

Teck is a diversified resource company headquartered in Vancouver, Canada that is committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy.

The following Shearman & Sterling team advised the underwriters in the transaction: partners Jason Lehner (Toronto/New York-Capital Markets) and Larry Crouch (Menlo Park-Tax); counsel Kevin Roggow (Toronto-Capital Markets) and Jason Pratt (New York-Environmental); and associate Joanna Enns (Toronto-Capital Markets).