Kinross Gold Corp. (KGC: Quote,K.TO: Quote) announced that it has arranged a new US$1.0 billion term loan. The three-year term loan will mature on August 10, 2015, and has no mandatory amortization payments.
Kinross also announced that it has amended its unsecured revolving credit facility. The changes to the facility include an increase of available credit to US$1.5 billion from US$1.2 billion, and an extension of the term to August 10, 2017 from March 31, 2015.
The company said that the overall improvement in the terms and conditions reflect the Company's investment grade ratings, which were obtained after Kinross last refinanced the revolving credit facility on March 31, 2011.
The company intends to use the proceeds of the financings for general corporate purposes.
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by RTT Staff Writer
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