Teck Resources executes $4 billion sustainable revolving facility

Chicago, Oct. 19 – Teck Resources Ltd. executed a $4 billion sustainability-linked revolving credit facility, according to a press release.

The new facility extends the previous credit facility by two years and matures in October 2026.

The principal amount outstanding as of October 18 was $198 million. As of June 30, it was $502 million and is expected to be zero by the end of October.

Teck Resources has a long-term sustainability strategy, which sets out goals including reducing carbon intensity by 33% by 2030 and becoming carbon neutral across operations by 2050.

Borrowings will be reduced or increased based on the company's performance in reducing carbon emissions, improving health and safety and strengthening gender diversity in its workforce.

Teck also canceled the $1 billion side car that was scheduled to mature in June 2022. The side car agreement was established during the initial months of the pandemic and both market conditions and commodity prices have improved significantly since that time.

BMO Financial Group worked as co-sustainability structuring agent.

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

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