Kinross announces US$1.0 billion term loan

Rhea-AI Summary

Kinross Gold Corporation announced the arrangement of a new US$1.0 billion term loan to enhance its financial position. The loan, with a three-year term maturing on March 7, 2025, features no mandatory amortization payments and a flexible repayment schedule.

The proceeds will be used to repay amounts drawn under its US$1.5 billion revolving credit facility related to the acquisition of Great Bear Resources Ltd. This strategic financing aims to solidify Kinross's balance sheet and operational capabilities.

Positive

• Secured US$1.0 billion term loan enhances financial flexibility.
• No mandatory amortization payments on the new loan.
• Funds used to repay portions of the US$1.5 billion revolving credit facility.

Negative

• None.

TORONTO, March 07, 2022 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K; NYSE:KGC) (“Kinross”) announced today that it has arranged a new US$1.0 billion term loan. The three-year term loan will mature on March 7, 2025, has no mandatory amortization payments, and has a flexible repayment schedule.

Kinross used the proceeds of the financing to repay amounts drawn under its US$1.5 billion revolving credit facility in connection with the closing of its acquisition of Great Bear Resources Ltd. Joint Lead Arrangers were The Bank of Nova Scotia, HSBC Bank Canada and RBC Capital Markets.

About Kinross Gold Corporation

Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile, Ghana and Canada. Our focus is on delivering value based on the core principles of operational excellence, balance sheet strength, disciplined growth and responsible mining. Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).

Media Contact
Louie Diaz
Vice-President, Corporate Communications
phone: 416-369-6469
louie.diaz@kinross.com

Investor Relations Contact
Chris Lichtenheldt
Vice-President, Investor Relations 
phone: 416-365-2761
chris.lichtenheldt@kinross.com

FAQ

What is the purpose of Kinross Gold's new term loan of US$1.0 billion?

The loan will be used to repay amounts drawn under its US$1.5 billion revolving credit facility related to the acquisition of Great Bear Resources Ltd.

When does the US$1.0 billion term loan mature?

The term loan matures on March 7, 2025.

What are the repayment terms of Kinross Gold's new term loan?

The loan has no mandatory amortization payments and offers a flexible repayment schedule.

Who arranged the US$1.0 billion term loan for Kinross Gold?

The loan was arranged by The Bank of Nova Scotia, HSBC Bank Canada, and RBC Capital Markets.