Kinross to redeem $500 million in Senior Notes on June 1, 2021

Rhea-AI Summary

Kinross Gold Corporation (NYSE: KGC) announced plans to redeem all outstanding 5.125% Senior Notes, worth $500 million, on June 1, 2021. Following this redemption, $1,250 million in Senior Notes will remain, with a subsequent maturity of $500 million set for March 15, 2024. The redemption will occur at the principal amount plus accrued interest, halting interest accrual post-redemption. Kinross emphasizes operational excellence and financial strength in its gold mining operations across various countries.

Positive

• Redemption of $500 million in Senior Notes improves balance sheet stability.
• Post-redemption, only $1,250 million in total Senior Notes remains outstanding, fostering financial clarity.

Negative

• None.

(All dollar amounts are expressed in U.S. dollars, unless otherwise noted.)

TORONTO, April 29, 2021 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K; NYSE:KGC) (“Kinross”) announced today it will redeem all of the outstanding 5.125% Senior Notes due September 1, 2021 (the “Notes”), which have an aggregate principal amount of $500 million, on June 1, 2021 (the “Redemption Date”).

The Notes will be redeemed at a redemption price equal to the principal amount of the outstanding Notes plus accrued and unpaid interest to, but not including, the Redemption Date, in accordance with the terms of the Notes. Interest on the Notes will cease to accrue from and after the Redemption Date.

After the Notes are redeemed, $1,250 million in aggregate principal amount of Kinross Senior Notes will remain outstanding, with the next maturity date on March 15, 2024 for $500 million in aggregate principal amount.

Questions regarding the redemption of the Notes issued by Kinross should be directed to Wells Fargo Bank, N.A. at Wells Fargo, CTSO Mail Operations, 600 S 4th Street, 7th floor, Minneapolis MN 55415, or at 1-800-344-5128.

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 and Ghana. 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
Tom Elliott
Senior Vice-President, Investor Relations
phone: 416-365-3390
tom.elliott@kinross.com

Source: Kinross Gold Corporation

FAQ

What is the significance of Kinross Gold's note redemption announcement for KGC?

Kinross Gold will redeem all 5.125% Senior Notes due September 1, 2021, totaling $500 million, enhancing financial stability.

When will Kinross redeem its Senior Notes?

Kinross will redeem the Senior Notes on June 1, 2021.

How much in Senior Notes will remain after the redemption by Kinross?

After the redemption, $1,250 million in aggregate principal amount of Senior Notes will remain outstanding.

What will happen to the interest on the Senior Notes after redemption?

Interest on the Senior Notes will cease to accrue from the redemption date of June 1, 2021.