Teck Resources is planning to raise around $855 million in a senior debt private placement, Reuters reports. The proceeds will be used to pay down a bridge loan taken on to finance Fording Canadian Coal Trust acquisition.

Teck took on $9.8 billion in debt to acquire Fording in 2008 but reached a deal in April with its lenders deferring billions in debt payments that had been due this year. Teck needs to reduce a $5.2 billion bridge loan to $3.5 billion by October end.

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