Teck Announces Amendment to US$1.2 Billion Credit Facility

May 23, 2016

Vancouver, BC – Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) (“Teck”) announced today that it has received commitments from a majority of its lenders to extend the maturity of its US$1.2 billion revolving credit facility from June 2017 to June 2019. As part of the extension, Teck has agreed to certain amendments to the credit facility and has also agreed to provide guarantees for the benefit of the credit facility. Lenders holding aggregate commitments of US$200 million have declined to extend and as a result the size of the facility will reduce to US$1 billion in June 2017. 

The amended credit facility will contain covenants in addition to those contained in the original facility, including restrictions on the amount of new liens and guaranteed indebtedness. The amendments will limit the amount of secured debt and guaranteed debt that Teck can issue. The maximum amount of secured debt will be equal to 4% of Teck's consolidated net tangible assets, or US$1 billion, whichever is greater.  The maximum amount of guaranteed debt (including secured debt) will be equal to 9% of Teck’s consolidated net tangible assets, or US$2.25 billion, whichever is greater. There are specific exemptions to each of the restrictions. Teck will also be subject to covenants regarding asset sales and future subsidiary guarantors. The debt to total capitalization covenant in Teck’s current credit facility will not be amended. Teck will also extend the guarantees to its other credit facilities.

The obligations of the lenders to extend and amend the credit facility are subject to various conditions, including the settlement and execution of definitive financing documentation, delivery of the subsidiary guarantees, and other customary conditions precedent.

About Teck 
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK. 

Forward Looking Statements 
This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as “forward-looking statements”). Forward-looking statements include: statements regarding the expectation that closing will occur on the amended facility, as well as the anticipated timing of that closing.  

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that may cause actual results to vary include, but are not limited to, Teck and its lenders being unable to agree on the terms of the final documentation, the conditions to effectiveness of the amendment not being satisfied. 

Readers are cautioned against unduly relying on forward-looking statements. Forward-looking statements are made as of the date of the relevant document and, except as required by law, Teck undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise.

Investor Contact:
Greg Waller
Vice President, Investor Relations and Strategic Analysis
604.699.4014
greg.waller@teck.com

Media Contact: 
Chris Stannell
Senior Communications Specialist 
604.699.4368
chris.stannell@teck.com

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First Published on May 23, 2016