Kinross inks $1 billion three-year term loan, lifts revolver amount

By Susanna Moon

Chicago, Aug. 17 - Kinross Gold Corp. said it arranged a new $1 billion three-year term loan led by Bank of Nova Scotia, Bank of America Merrill Lynch and RBC Capital Markets.

Kinross also said it amended its unsecured revolving credit facility, boosting the amount of available credit to $1.5 billion from $1.2 billion, and pushed out the maturity to Aug. 10, 2017 from March 31, 2015.

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, according to a company press release.

Proceeds will be for general corporate purposes.

The term loan will mature on Aug. 10, 2015 and has no mandatory amortization payments.

The mining and gold ore processing company is based in Toronto.

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