Loan & DebtAug 12, 2026, 12:16 PM
Teck Resources Secures Consents for Note Amendments
AI Summary
Teck Resources Limited announced the successful receipt of requisite consents for amendments to six series of its outstanding notes, totaling over U.S. $1 billion in principal amount. The consent solicitations, which expired on August 11, 2026, allow for changes to the notes' covenants and events of default to align them with Anglo American's debt indenture. This action is a step towards the previously announced merger between Teck Resources and Anglo American plc, expected to close between September 2026 and March 2027.
Key Highlights
- Teck Resources received requisite consents for amendments to six series of outstanding notes.
- Consent solicitations expired on August 11, 2026, with all revocation rights terminated.
- Holders of affected notes will receive a Consent Fee of U.S. $1.00 per U.S. $1,000 principal amount.
- Supplemental indentures were executed on August 11, 2026, incorporating the amendments.
- Amendments align note covenants and events of default with Anglo American's debt indenture.
- The changes are in connection with the previously announced merger with Anglo American plc.
- Merger with Anglo American is expected to be completed between September 2026 and March 2027.
Price Impact
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