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Kinross Gold Corporation (KGC - Free Report) recently announced the completion of its earlier announced debt securities offering, consisting of a $500 million aggregate principal amount of 6.250% senior notes due 2033.
The notes are senior unsecured obligations of the company. These are also unconditionally guaranteed by certain fully-owned subsidiaries that are guarantors under Kinross' senior unsecured credit agreements. Kinross anticipates redeeming the entire principal amount of its outstanding 5.95% senior notes due 2024 with the net proceeds from the offering.
The offering was made to qualified institutional buyers in accordance with Rule 144A of the Securities Act of 1933 (the "Act") and to parties outside the United States per Regulation S of the Act.
In the first quarter of 2023, the company's adjusted operating cash flow was $358.2 million, up 43.8% year over year. Cash and cash equivalents totaled $471 million as of Mar 31, 2023, up from $418.1 million on Dec 31, 2022. Long-term debt was $2,158.9 million at the end of the first quarter, a 15.6% fall from $2,556.9 million as of Dec 31, 2022. Kinross' substantial liquidity (of around $1.7 billion) should allow it to cover its short-term debt obligations.
Shares of KGC have gained 40.1% over the past year compared with an 17.4% rise of its industry.
Image Source: Zacks Investment Research
For 2023, Kinross expects to produce 2.1 million (+/- 5%) gold equivalent ounces. Production is forecast to increase following the first quarter, primarily driven by expected higher production at Tasiast and La Coipa. Kinross’ annual production is expected to remain stable in 2024 and 2025 at 2.1 million and 2 million gold equivalent ounces (+/- 5%), respectively.
Koppers currently carries a Zacks Rank #1. The Zacks Consensus Estimate for current-year earnings for KOP is currently pegged at $4.40, implying year-over-year growth of 6.3%. It has a trailing four-quarter earnings surprise of roughly 13.64%, on average. The stock has gained around 55.9% in a year.
Silvercorp Metals currently carries a Zacks Rank #1. The consensus estimate for current fiscal-year earnings for Silvercorp is pegged at 27 cents, suggesting year-over-year growth of 28.6%. The stock has jumped roughly 20.4% in the past year.
Linde currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 3.8% upward in the past 60 days. Linde beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 6.9% on average. The stock has gained roughly 33.9% in the past year.
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Kinross (KGC) Closes $500M Unsecured 10-Year Notes Offering
Kinross Gold Corporation (KGC - Free Report) recently announced the completion of its earlier announced debt securities offering, consisting of a $500 million aggregate principal amount of 6.250% senior notes due 2033.
The notes are senior unsecured obligations of the company. These are also unconditionally guaranteed by certain fully-owned subsidiaries that are guarantors under Kinross' senior unsecured credit agreements. Kinross anticipates redeeming the entire principal amount of its outstanding 5.95% senior notes due 2024 with the net proceeds from the offering.
The offering was made to qualified institutional buyers in accordance with Rule 144A of the Securities Act of 1933 (the "Act") and to parties outside the United States per Regulation S of the Act.
In the first quarter of 2023, the company's adjusted operating cash flow was $358.2 million, up 43.8% year over year. Cash and cash equivalents totaled $471 million as of Mar 31, 2023, up from $418.1 million on Dec 31, 2022. Long-term debt was $2,158.9 million at the end of the first quarter, a 15.6% fall from $2,556.9 million as of Dec 31, 2022. Kinross' substantial liquidity (of around $1.7 billion) should allow it to cover its short-term debt obligations.
Shares of KGC have gained 40.1% over the past year compared with an 17.4% rise of its industry.
Image Source: Zacks Investment Research
For 2023, Kinross expects to produce 2.1 million (+/- 5%) gold equivalent ounces. Production is forecast to increase following the first quarter, primarily driven by expected higher production at Tasiast and La Coipa. Kinross’ annual production is expected to remain stable in 2024 and 2025 at 2.1 million and 2 million gold equivalent ounces (+/- 5%), respectively.
Kinross Gold Corporation Price and Consensus
Kinross Gold Corporation price-consensus-chart | Kinross Gold Corporation Quote
Zacks Rank & Key Picks
KGC currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks to consider in the basic materials space include Koppers Holdings Inc. (KOP - Free Report) , Silvercorp Metals Inc. (SVM - Free Report) and Linde plc (LIN - Free Report) . You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Koppers currently carries a Zacks Rank #1. The Zacks Consensus Estimate for current-year earnings for KOP is currently pegged at $4.40, implying year-over-year growth of 6.3%. It has a trailing four-quarter earnings surprise of roughly 13.64%, on average. The stock has gained around 55.9% in a year.
Silvercorp Metals currently carries a Zacks Rank #1. The consensus estimate for current fiscal-year earnings for Silvercorp is pegged at 27 cents, suggesting year-over-year growth of 28.6%. The stock has jumped roughly 20.4% in the past year.
Linde currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 3.8% upward in the past 60 days. Linde beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 6.9% on average. The stock has gained roughly 33.9% in the past year.