I think with all the development projects in the pipeline, a debt offering was pretty much a given. It certainly beats them issuing more shares and the interest rates look pretty favourable. My guess is that in 5 years the 2021 and 2041 bonds are going to look like a bargain for Kinross.
Assuming that all of these big projects come online and on schedule in 2013-14, then cash flow problems will become a thing of the past. I expect that their margins will be greater than $1000 per ounce of gold in 2014, and production should be close to 5 million ounces on an annual basis. Free cash flow should be pretty amazing.