VANCOUVER (miningweekly.com) – Major Canadian miner Kinross Gold has launched a $500-million unsecured ten-year debt offering which it will use, in combination with cash on hand, to repay its $500-million term loan due in 2020.
Toronto-based Kinross, which has mines and projects in the US, Brazil, Russia, Mauritania, Chile and Ghana, on Wednesday said the debt offering comprises 4.5% senior notes due in 2027.
The notes will be unsecured, senior obligations of Kinross and will be wholly and unconditionally guaranteed by certain of Kinross's wholly-owned subsidiaries that are also guarantors under Kinross's senior unsecured credit agreement.
For the three months ended March 31, Kinross had total debt of $1.73-billion, comprising $1.24-billion of senior notes and $497.6-million drawn on the term loan facility. The company has no scheduled debt repayments until 2020.
The company’s existing cash and cash equivalents stood at $819-million at the end of the first quarter, with available credit of $1.43-billion.
Edited by: Creamer Media Reporter
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