Kinross Gold redeems 5.5% convertibles

New York, Sept. 30 - Kinross Gold Corp. said it redeemed all its outstanding 5.5% convertible unsecured subordinate debentures.

The Toronto gold miner paid par of C$196.5 million plus accrued interest through Sept. 29 for a total of C$198.3 million.

Funding for the redemption came from Kinross Gold's recent equity offering.

The company said the equity issue and subsequent redemption of the convertibles puts it in a net cash position, where cash is greater than long-term obligations, for the first time since its merger with Amax Gold Inc. in June 1998.

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