Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today announced that, as of November 16, 2016, it completed its previously announced at-the-market (“ATM”) common equity offering program. The Company issued 17,691,094 shares of common stock for gross proceeds of $200 million.
The Company plans to use the net proceeds from the ATM offering to redeem $190 million aggregate principal amount of its 7.875% Senior Notes due 2021 (the “Notes”) of which there was approximately $368 million aggregate principal amount outstanding as of November 15, 2016. The redemption date will be December 16, 2016. The “make-whole premium” redemption price will be calculated in accordance with the terms and conditions of the Notes. Interest on the Notes called for redemption will cease to accrue on and after the redemption date.
“With the completion of our ATM equity offering and expected further reductions in our remaining debt levels, we plan to end the year with one of the stronger, more flexible balance sheets in the sector,” said Mitchell J. Krebs, President and Chief Executive Officer. “Following the completion of this partial redemption, our total debt will have declined by over 60% since the end of the third quarter 2015, translating to over $29 million in anticipated annual cash interest savings that will be invested in initiatives that will lead to high-quality future growth of our Company.”
This news release shall not constitute an offer to sell or a solicitation of an offer to purchase common stock or any other securities, and shall not constitute an offer, solicitation, or sale in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful.
About Coeur
Coeur Mining is a well-diversified, growing precious metals producer with five precious metals mines in the Americas employing approximately 2,000 people. Coeur produces from its wholly owned operations: the Palmarejo silver-gold complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the San Bartolomé silver mine in Bolivia. The Company also has a non-operating interest in the Endeavor mine in Australia as well as a royalty interest in Ecuador. In addition, the Company has two silver-gold exploration stage projects - the La Preciosa project in Mexico and the Joaquin project in Argentina. Coeur conducts ongoing exploration activities in Alaska, Nevada, South Dakota and Mexico.
Source: Coeur Mining
