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Kinross Extends Maturity Dates

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Gold miner Kinross Gold Corporation (KGC - Free Report) 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.

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 (BNS - Free Report) , commonly known as Scotiabank, Merrill Lynch, Pierce, Fenner & Smith Incorporated, a wholly-owned subsidiary of Bank of America Corporation (BAC - Free Report) and RBC Capital Markets, LLC, the corporate and investment banking arm of the Royal Bank of Canada (RY - Free Report) , 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).

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