Kinross Announces Exercises of Put Rights by Holders of Its 1.75% Convertible Senior Notes Due 2028
March 13 2013 - 4:30PM
Marketwired
Kinross Gold Corporation (TSX:K)(NYSE:KGC) (the "Company")
announced today that holders of an aggregate principal amount of
US$454,571,000 of its 1.75% Convertible Senior Notes due 2028
(CUSIP Numbers: 496902AB3 and 496902AD9) (the "Notes") have
exercised their rights to require the Company to repurchase their
Notes (the "Put Right"), as provided for in the Indenture governing
the Notes, dated as of January 29, 2008 (the "Indenture"). The
deadline for holders to withdraw exercises of Put Rights was 5:00
p.m. today, New York City time.
The Put Right entitles each holder of the Notes to require the
Company to purchase all or any part of such holder's Notes at a
purchase price (the "Repurchase Price") equal to 100% of the
principal amount of the Notes being repurchased, plus accrued and
unpaid interest thereon up to, but excluding, the date of
repurchase. As provided in the Indenture, the Notes for which the
Put Right has been exercised will be repurchased by the Company on
March 15, 2013 (the "Repurchase Date"). The Company will pay the
Repurchase Price solely in cash, for an aggregate Repurchase Price
of approximately US$454,571,000.
The Company also announced today that it intends to exercise its
right (the "Redemption Right") under the Indenture to mandatorily
redeem, upon not less than 30 days or more than 60 days' notice to
the holders, all of the Notes that will remain outstanding
following the Repurchase Date (the "Remaining Notes"). The Company
expects to provide notice to holders of Remaining Notes that the
Company will redeem, on or about April 30, 2013, all Remaining
Notes, at a redemption price (the "Redemption Price") equal to 100%
of the principal amount of the Remaining Notes, plus accrued and
unpaid interest thereon up to, but excluding, the date of
redemption. The Company estimates that the aggregate principal
amount of Remaining Notes redeemed will be approximately
US$5,429,000 for an aggregate Redemption Price of approximately
US$5,440,876.
About Kinross Gold Corporation
Kinross is a Canadian-based gold mining company with mines and
projects in Brazil, Canada, Chile, Ecuador, Ghana, Mauritania,
Russia and the United States, employing approximately 9,000 people
worldwide. Kinross maintains listings on the Toronto Stock Exchange
(TSX:K) and the New York Stock Exchange (NYSE:KGC).
Contacts: Media Contact Kinross Gold Corporation Steve Mitchell
Vice-President, Corporate Communications
416-365-2726steve.mitchell@kinross.com Investor Relations Contact
Kinross Gold Corporation Tom Elliott Vice-President, Investor
Relations 416-365-3390tom.elliott@kinross.com
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