Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt Disclosure

DEBT

	September 30, 2022				December 31, 2021
In thousands	Current		Non-Current		Current		Non-Current
2029 Senior Notes, net(1)	$	—	$	368,977	$	—	$	368,273
Revolving Credit Facility(2)	—		200,000		—		65,000
Finance lease obligations	26,417		40,285		29,821		24,407
	$	26,417	$	609,262	$	29,821	$	457,680

(1) Net of unamortized debt issuance costs of $6.0 million and $6.7 million at September 30, 2022 and December 31, 2021, respectively.

(2) Unamortized debt issuance costs of $3.0 million and $2.4 million at September 30, 2022 and December 31, 2021, 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 8 -- Debt contained in the 2021 10-K.

Revolving Credit Facility

On May 2, 2022, the Company entered into an amendment (the “May Amendment”) to the revolving credit facility (the “RCF”), dated as of September 29, 2017 (as amended, the “Credit Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company, as guarantors, Bank of America, N.A, as administrative agent (the “Agent”), and Bank of America, N.A., Royal Bank of Canada, Bank of Montreal, Chicago Branch, the Bank of Nova Scotia, ING Capital LLC and Goldman Sachs Bank USA (the “RCF Lenders”). The May Amendment, among other things, increased the maximum principal amount of the RCF by $90.0 million in incremental loans and commitments to an aggregate amount of $390.0 million.

At September 30, 2022, the Company had $200.0 million drawn at an interest rate of 5.5%, $29.8 million in outstanding letters of credit and $160.2 million available under the RCF. Future borrowing may be subject to certain financial covenants.

On November 9, 2022, the Company entered into an amendment (the “November Amendment”) to the RCF. The November Amendment, among other things, (1) modifies the financial covenants to provide greater flexibility under the consolidated net leverage ratio requirement through the December 31, 2023 test date, with the ratio returning to the original level as outlined in the RCF starting with the March 31, 2024 test date (the “Amendment Period”), (2) allows up to $50 million for integration costs or costs associated with establishing new facilities and certain costs associated with LCM adjustments at Rochester to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF, (3) increases the interest rate on certain borrowings through early 2023, (4) requires the Company to repay outstanding amounts under the RCF if cash-on-hand exceeds $60 million during the Amendment Period, and (5) restricts certain payments and the incurrence of certain liens during the Amendment Period.

Finance Lease Obligations

From time-to-time, the Company acquires mining equipment and facilities under finance lease agreements. In the nine months ended September 30, 2022, the Company entered into new lease financing arrangements primarily for mining equipment at Rochester and Kensington. Coeur secured a finance lease package for nearly $60.0 million in 2021, a portion of which has been funded as of September 30, 2022. The package is earmarked for planned equipment purchases for Rochester’s Plan of Operation Amendment 11 (“POA 11”) in 2022, and has an interest rate of 5.22%. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. See Note 7 -- Leases for additional qualitative and quantitative disclosures related to finance leasing arrangements.

Interest Expense

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
2024 Senior Notes	$	—	$	—	$	—	$	2,591
2029 Senior Notes	4,805		4,805		14,414		11,211
Revolving Credit Facility	2,512		508		5,069		1,438
Finance lease obligations	1,341		1,833		3,916		3,441
Amortization of debt issuance costs	535		415		1,448		1,306
Other debt obligations	29		51		162		225
Capitalized interest	(3,290)		(4,375)		(9,339)		(6,972)
Total interest expense, net of capitalized interest	$	5,932	$	3,237	$	15,670	$	13,240