v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Disclosure DEBT
 March 31, 2026December 31, 2025
In thousandsCurrentNon-CurrentCurrentNon-Current
2029 Senior Notes, net(1)
$— $290,975 $— $290,792 
2032 Senior Notes— 425,008 — — 
Revolving Credit Facility(2)
— — — — 
Finance lease obligations14,072 31,321 16,996 32,745 
$14,072 $747,304 $16,996 $323,537 
(1) Net of unamortized debt issuance costs of $2.1 million and $2.3 million at March 31, 2026 and December 31, 2025, respectively.
(2) Unamortized debt issuance costs of $3.9 million and $1.9 million at March 31, 2026 and December 31, 2025, respectively, included in Other Non-Current Assets.
2029 Senior Notes
In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of senior notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $367.5 million (the “2029 Senior Notes”). For more details, please see Note 9 -- Debt contained in the 2025 10-K.
New Gold 2032 Senior Notes
Prior to the acquisition of New Gold, New Gold issued $400.0 million of its 6.875% senior unsecured notes due 2032 (“New Gold 2032 Senior Notes”) on March 18, 2025, for net cash proceeds of $393.7 million after transaction costs. The New Gold 2032 Senior Notes are governed by an Indenture dated as of March 18, 2025 (the “New Gold Indenture”), by and among New Gold, as issuer, certain of the Company’s subsidiaries named therein, as guarantors thereto, and Computershare Trust Company, N.A., as trustee (the “New Gold Notes Trustee”). As of March 31, 2026, there were $400.0 million aggregate principal amount of New Gold Notes issued and outstanding. The New Gold 2032 Senior Notes are denominated in U.S. dollars and bear interest at the rate of 6.875% per annum. Interest is payable in arrears in equal semiannual installments on April 1 and October 1 of each year. The New Gold 2032 Senior Notes will mature on April 1, 2032.
As of March 31, 2026, the New Gold Indenture contained covenants that, among other things, limited New Gold’s ability under certain circumstances to incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loans and investments, create liens, sell, transfer or otherwise dispose of assets, enter into transactions with affiliates, enter into agreements restricting New Gold’s subsidiaries’ ability to pay dividends and impose conditions on New Gold’s ability to engage in mergers, consolidations and sales of all or substantially all of its assets. The New Gold Indenture also contained certain “Events of Default” (as defined in the New Gold Indenture) customary for indentures of this type. If an Event of Default had occurred and was continuing, the Trustee or the holders of not less than 25% in aggregate principal amount of the New Gold 2032 Senior Notes then outstanding could, and the Trustee at the request of the holders of not less than 25% in aggregate principal amount of the New Gold 2032 Senior Notes
then outstanding would, declare all unpaid principal of, premium, if any, and accrued interest on all the New Gold 2032 Senior Notes to be due and payable.
Subsequent to March 31, 2026, the New Gold Indenture was amended and supplemented by a First Supplemental Indenture dated as of April 3, 2026 (the “First Supplemental Indenture” and the New Gold Indenture, as amended and supplemented by the First Supplemental Indenture, the “Amended New Gold Indenture”), by and among New Gold, as issuer, and the New Gold Notes Trustee, to, among other things, eliminate from the New Gold Indenture (i) substantially all of the restrictive covenants described above and (ii) certain of the events which may lead to an “Event of Default” thereunder.
Exchange Offer
In conjunction with the New Gold Transaction, Coeur completed a private exchange offer (the “Exchange Offer”) for any and all of the New Gold 2032 Senior Notes for up to $400.0 million aggregate principal amount of 6.875% Senior Notes due 2032 to be issued by the Company and cash. As part of the Exchange Offer, Coeur received requisite consents from holders of the New Gold 2032 Senior Notes to amend the New Gold Indenture, including to eliminate from the New Gold Indenture (i) substantially all of the restrictive covenants, and (ii) certain of the events that may lead to an “Event of Default” as set forth in the New Gold Indenture. The Exchange Offer was made pursuant to the terms and subject to the conditions set forth in the offer memorandum and consent solicitation dated March 23, 2026. The Exchange Offer expired on April 20, 2026 and amendments to the New Gold Indenture became operative upon consummation of the Exchange Offer on the final settlement date on April 22, 2026. Under the Exchange Offer, of the $400.0 million aggregate principal amount of New Gold 2032 Senior Notes, $385.8 million aggregate principal amount of New Gold 2032 Senior Notes were exchanged for approximately $385.8 million aggregate principal amount of Coeur’s 6.875% Senior Notes due 2032 (the “2032 Senior Notes”), and $14.2 million of New Gold 2032 Senior Notes remained outstanding as obligations of New Gold and governed by the Amended New Gold Indenture. Coeur is not an obligor or guarantor if such remaining New Gold 2032 Senior Notes.
2032 Senior Notes
In connection with the settlement of the Exchange Offer, Coeur issued approximately $385.8 million aggregate principal amount of Coeur’s 2032 Senior Notes. The 2032 Senior Notes are governed by an Indenture dated as of April 22, 2026 (the “2032 Senior Notes Indenture”), among the Company, as issuer, certain of the Company’s subsidiaries named therein, as guarantors thereto (the “Guarantors”), and The Bank of New York Mellon, as trustee (the “Trustee”). The 2032 Senior Notes are denominated in U.S. dollars and bear interest at the rate of 6.875% per annum. Interest is payable in arrears in equal semiannual installments on April 1 and October 1 of each year. The 2032 Senior Notes will mature on April 1, 2032.
The 2032 Senior Notes are the Company’s unsecured senior obligations and rank equally in right of payment with all of its existing and future unsecured senior debt and rank senior in right of payment to all of its existing and future subordinated debt. The 2032 Senior Notes are effectively subordinated to any of the Company’s existing and future secured debt to the extent of the value of the assets securing such debt. Initially, the Company’s obligations under the 2032 Senior Notes are jointly and severally guaranteed by certain of the Company’s wholly owned subsidiaries. In addition, each of the Company’s restricted subsidiaries that guarantees other indebtedness that exceeds $20.0 million aggregate principal amount, will be required to guarantee the 2032 Senior Notes in the future. The guarantees rank equally in right of payment to all of the Guarantors’ existing and future unsecured senior debt and rank senior in right of payment to all of the Guarantors’ existing and future subordinated debt. The guarantees are effectively subordinated to any of the Guarantors’ existing and future secured debt to the extent of the value of the assets securing such debt. The 2032 Senior Notes are also structurally subordinated to the liabilities of subsidiaries of the Company that have not guaranteed the 2032 Senior Notes.
Upon the occurrence of a Change of Control (as defined in the 2032 Senior Notes Indenture), unless the Company has exercised its right to redeem the 2032 Senior Notes, each holder of 2032 Senior Notes will have the right to require the Company to repurchase all or a portion of such holder’s 2032 Senior Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase.
If the Company or its restricted subsidiaries sell assets under certain circumstances specified in the 2032 Senior Notes Indenture and do not use the proceeds for certain specified purposes, the Company must offer to use certain net proceeds therefrom to repurchase the 2032 Senior Notes and other debt that ranks equal in right of payment to the 2032 Senior Notes on a pro rata basis. The purchase price of the 2032 Senior Notes will be equal to 100% of the principal amount of the 2032 Senior Notes repurchased, plus accrued and unpaid interest, if any, to the applicable date of repurchase.
The 2032 Senior Notes Indenture contains covenants that, among other things, limit the Company’s ability under certain circumstances to incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loans and investments, create liens, sell, transfer or otherwise dispose of assets, enter into transactions with affiliates, enter into agreements restricting the Company’s subsidiaries’ ability to pay dividends and impose conditions on the Company’s ability to engage in mergers, consolidations and sales of all or
substantially all of its assets. The 2032 Senior Notes Indenture also contains certain “Events of Default” (as defined in the 2032 Senior Notes Indenture) customary for indentures of this type. If an Event of Default has occurred and is continuing, the Trustee or the holders of not less than 25% in aggregate principal amount of the 2032 Senior Notes then outstanding may, and the Trustee at the request of the holders of not less than 25% in aggregate principal amount of the 2032 Senior Notes then outstanding shall, declare all unpaid principal of, premium, if any, and accrued interest on all the 2032 Senior Notes to be due and payable.
Revolving Credit Facility
On March 20, 2026, the Company entered into a Credit Agreement (the “Credit Agreement”) by and among Coeur, as borrower, certain subsidiaries of Coeur as guarantors, the lenders party thereto and National Bank of Canada, as administrative agent. The Credit Agreement replaced Coeur’s prior credit agreement dated as of September 29, 2017, by and among Coeur, as borrower, certain subsidiaries of Coeur, as guarantors, the lenders party thereto and Bank of America, N.A., as administrative agent, as amended.
The Credit Agreement provides for a $1.0 billion senior secured revolving credit facility (the “RCF”) which may be increased by up to $250 million in incremental loans and commitments subject to the terms of the Credit Agreement. Proceeds from the RCF are expected to be used to finance working capital and general corporate purposes for Coeur and its subsidiaries. The RCF has a term of five years, maturing in March 2031.
Loans under the RCF bear interest at a rate equal to either a base rate plus a margin ranging from 0.45% to 1.50%, Term SOFR plus a margin ranging from 1.45% to 2.50%, or Daily Simple SOFR plus a margin ranging from 1.45% to 2.50%, in each case as selected by Coeur, with such margin determined in accordance with a pricing grid based upon Coeur’s consolidated net leverage ratio as of the end of the applicable period. Subject to no event of default, upon Coeur receiving at least two of the following debt ratings: BBB- (or better) from S&P, Baa3 (or better) from Moody’s, or BBB- (or better) from Fitch (the “Collateral Release Event”) and the one-time election of Coeur, the applicable margin will instead be determined based upon Coeur’s debt ratings from S&P, Moody’s and Fitch, and will range from 0.125% to 1.000% for Base Rate Loans and from 1.125% to 2.000% for Term SOFR Loans and Daily SOFR Loans.
The RCF is secured by a pledge of the shares of certain of Coeur’s domestic and Canadian subsidiaries. Upon the occurrence of the Collateral Release Event, and provided no event of default has occurred and is continuing, the equity pledge will be released and the RCF will be unsecured.
The Credit Agreement contains representations and warranties and affirmative and negative covenants that are usual and customary, including representations, warranties, and covenants that, among other things, restrict the ability of Coeur and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Credit Agreement also contains representations, warranties, and covenants that, among other things, require compliance with environmental laws and maintenance of mining rights. The Credit Agreement also contains financial covenants consisting of a consolidated net leverage ratio and a net debt to capital ratio. Obligations under the RCF may be accelerated upon the occurrence of certain customary events of default.
At March 31, 2026, the Company had no outstanding draws, $27.5 million in outstanding letters of credit and $972.5 million available under the RCF. Future borrowing may be subject to certain financial covenants.
Finance Lease Obligations
From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the three months ended March 31, 2026, the Company did not enter into a new lease financing arrangement. In April 2026, the Company prepaid $41.4 million of Rochester finance leases, incurring a loss of $0.8 million related to termination fees. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. For more details, please see Note 8 -- Leases in the 2025 10-K.
Interest Expense
 Three Months Ended March 31,
In thousands20262025
2029 Senior Notes$3,756 $3,756 
New Gold 2032 Senior Notes732 — 
Revolving Credit Facility372 4,206 
Finance lease obligations785 1,658 
Amortization of debt issuance costs842 581 
Other obligations145 645 
Capitalized interest(189)(396)
Total interest expense, net of capitalized interest$6,443 $10,450