Teck secures bondholder consent for note amendments tied to merger

Teck Resources Limited (NYSE: TECK) announced that holders of a majority in principal amount of each series of its outstanding notes have delivered consents in favor of proposed amendments to the relevant indentures, according to a company statement.

The consent solicitations, which expired at 5:00 p.m. New York time on Aug. 11, 2026, covered six series of notes: $142.2 million of 3.900% notes due 2030, $179.5 million of 6.125% notes due 2035, $189.9 million of 6.000% notes due 2040, $242.5 million of 6.250% notes due 2041, $166.9 million of 5.200% notes due 2042, and $108.0 million of 5.400% notes due 2043.

Teck will pay consenting holders a cash fee of $1.00 per $1,000 in principal amount on the second business day following the expiration date. All revocation rights have been terminated.

Following receipt of the consents, Teck and trustee The Bank of New York Mellon executed supplemental indentures incorporating the amendments, which align certain covenants and events of default with those in Anglo American's debt indenture.

The amendments relate to Teck's previously announced merger with Anglo American plc, under which Teck would become a wholly owned subsidiary of the combined entity, referred to as Anglo Teck. The merger was announced Sept. 9, 2025, and is expected to close between September 2026 and March 2027, subject to regulatory approvals and other conditions.

The amendments would only become practically applicable if Anglo Teck elects to provide a full and unconditional guarantee of Teck's payment obligations under the affected notes. Anglo Teck has no obligation to provide such a guarantee, and completion of the merger is not a condition for the consent fees to be paid.

Barclays Capital Inc., BofA Securities Inc., and TD Securities (USA) LLC served as solicitation agents for the consent solicitations.

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