Kinross (KGC) Enters Agreement for $125M Letter of Credit Facility
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Kinross (NYSE: KGC) announced today that it has entered into an agreement with Export Development Canada to have EDC guarantee a Letter of Credit Facility for up to $125 million. Letters of credit guaranteed under this new facility are expected to be available in respect of reclamation liabilities at Fort Knox, Round Mountain, and Kettle River-Buckhorn mine sites. The new facility will expire in November 2012.
The guarantee facility is in addition to the Company's recently amended $450 million revolving credit facility. "Together, these facilities enhance Kinross' credit availability as we contemplate our future funding requirements," said Thomas M. Boehlert, Executive Vice-President and Chief Financial Officer.
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