Kinross Gold Corporation
) has extended the maturity dates of its $1.5 billion revolving
credit facility and $1 billion term loan. The maturity date of
the credit facility has been extended by 1 year from Aug 10,
2017, to Aug 10, 2018, while that for the term loan has been
extended by 2 years and will now mature on Aug 10, 2017.
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The term loan does not have any obligatory amortization payments
attached with it. Also, Kinross does not have any debt
maturities prior to 2016 with the completion of these extensions.
However, Kinross has the regular principal amortization payments
on the remaining $170 million balance of the Kupol term loan.
The Bank of Nova Scotia
), commonly known as Scotiabank, Merrill Lynch, Pierce, Fenner
& Smith Incorporated, a wholly-owned subsidiary of
Bank of America Corporation
) and RBC Capital Markets, LLC, the corporate and investment
banking arm of the
Royal Bank of Canada
), were the joint lead arrangers for the Kupol term loan.
Canada-based Kinross is primarily involved in exploration and
operation of gold mines and benefits from higher gold prices,
exploration projects and acquisitions. It has its mines and its
projects located in Brazil, Canada, Chile, Ecuador, Ghana,
Mauritania, Russia and the U.S.
Kinross came out with its first-quarter 2013 results last month.
Both revenues and adjusted earnings for the quarter beat Zacks
Consensus Estimates. Revenue growth was aided by an increase in
gold equivalent ounces sold. Kinross saw higher gold production
in the quarter. The company is making steady progress in
advancing the projects that give it a strong growth profile among
leading gold producers.
Kinross currently carries a Zacks Rank #4 (Sell).