UPDATE 1-Teck Resources to pay down $603 mln loan this year
(In U.S. dollars, unless noted)
TORONTO, May 7 (Reuters) - Teck Resources (TCKb.TO: Quote, Profile, Research) plans to pay down its remaining $603 million in bridge debt this year, two years ahead of when it is due, a company official said on Thursday.
"We believe that there's sufficient (funds) coming in to allow us to retire the debt this year," said Teck spokesman Greg Waller.
Teck, formerly Teck Cominco, borrowed nearly $10 billion to finance its acquisition of Fording Canadian Coal Trust last year, $5.8 billion of which was a bridge loan.
The company managed to defer payments on the bulk of the loan two weeks ago, and then this week announced it would issue $4.2 billion in bonds to retire all but $603 million of the bridge loan, with the remainder due in October 2011.
The company's shares were down 1.7 percent at C$16.07 on the Toronto Stock Exchange, but have more than quadrupled since early March.
($1=$1.17 Canadian) (Reporting by Cameron French)
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