* To buy back for cash up to $600 million of notes
* To offer up to $750 million in senior unsecured notes (In U.S. dollars unless noted)
TORONTO, Aug 3 (Reuters) - Teck Resources TCKb.TO said on Tuesday it is offering up to $750 million of senior unsecured notes, due 2017 and 2040, and plans to buy back up to $600 million in senior secured notes, due in 2014 and 2016.
Buying back the notes will help reduce the miner’s near-term annual interest expenses.
Vancouver-based Teck spent most of 2009 and early 2010 paying back $9.8 billion in acquisition debt that it took on to buy Fording Canadian Coal Trust, just ahead of the 2008 resource price crash and global economic slowdown.
It paid off the last portion of the acquisition-related bank debt in April and started paying its common share dividend again. It suspended the dividend in late 2008. [ID:nN22107208]
Teck expects to fund the cash repurchase of the 2014 and 2016 notes from the proceeds of its new senior unsecured notes offering.
The company said it has structured the twin deals so it can take advantage of strong debt markets and low interest rates.
Teck shares rose 2.7 percent to C$37.18 in morning trading on the Toronto Stock Exchange. ($1=$1.02 Canadian) (Reporting by Euan Rocha; editing by Rob Wilson and Robert MacMillan)