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Teck Resources to redeem US$214M debt

Teck Resources Ltd. is planning on June 7 to redeem all of its about US$84 million of 3% notes due 2019 and about US$130 million of 8% notes due 2021.

The diversified miner will fund the redemption from cash on hand and is expected to save interest expenses of about US$10 million per annum, on an after-tax basis, following the transactions.

The company will book an estimated net after-tax accounting charge of approximately US$19 million in connection with the redemption.