Kinross Gold greenshoe exercised, lifts 1.75% convertibles to $460 million

By Devika Patel

Knoxville, Tenn., Jan. 29 - Underwriters for Kinross Gold Corp.'s offering of senior unsecured convertible notes due March 15, 2028 exercised their over-allotment option in full for $40 million, bringing the total deal size to $460 million.

As previously reported, Kinross sold the senior unsecured convertible notes on Jan. 23 at par to yield 1.75% with an initial conversion premium of 40%. The notes' conversion price is $28.48, and the conversion ratio 35.1173.

Merrill Lynch and UBS Investment Bank are the bookrunners of the Rule 144A transaction.

Proceeds will be used to repay outstanding term loans, for capital expenditures and for general corporate purposes.

Kinross Gold is a Toronto-based gold miner.

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