Coeur Mining to redeem $190 million portion of 7 7/8% notes due 2021

By Wendy Van Sickle

Columbus, Ohio, Nov. 17 – Coeur Mining, Inc. will redeem $190 million of its $368 million of 7 7/8% senior notes due 2021, according to a press release.

The company will redeem the notes on Dec. 16 at par plus a make-whole premium to be calculated in accordance with the terms of the notes plus accrued interest.

The redemption will be funded by proceeds of the company’s $200 million at-the-market common stock offering completed Thursday.

“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,” Mitchell J. Krebs, president and chief executive officer, said in the press release.

“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.”

Coeur Mining is a Chicago-based precious metals mining company.

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