Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt Disclosure

DEBT

	September 30, 2024				December 31, 2023
In thousands	Current		Non-Current		Current		Non-Current
2029 Senior Notes, net(1)	$	—	$	289,874	$	—	$	295,115
Revolving Credit Facility(2)	—		225,000		—		175,000
Finance lease obligations	27,458		62,851		22,636		52,559
	$	27,458	$	577,725	$	22,636	$	522,674

(1) Net of unamortized debt issuance costs of $3.2 million and $3.9 million at September 30, 2024 and December 31, 2023, respectively.

(2) Unamortized debt issuance costs of $3.8 million and $2.8 million at September 30, 2024 and December 31, 2023, 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 2023 10-K.

In March 2024, the Company exchanged $5.9 million in aggregate principal amount of 2029 Senior Notes plus accrued interest for 1.8 million shares of its common stock. Based on the closing price of the Company’s common stock on the dates of the exchange, the exchanges resulted in a gain of $0.4 million on debt extinguishment. The exchange transaction represents a non-cash financing activity in the Condensed Consolidated Statement of Cash Flow.

Revolving Credit Facility

At September 30, 2024, the Company had $225.0 million drawn at a weighted-average interest rate of 7.5%, $29.6 million in outstanding letters of credit and $145.4 million available under its $400.0 million revolving credit facility (the “RCF”). Future borrowing may be subject to certain financial covenants. For more details, please see Note 9 -- Debt contained in the 2023 10-K.

On February 21, 2024, the Company entered into an agreement to extend and enhance its RCF (the “February 2024 Amendment”). The February 2024 Amendment, among other things, (1) extends the term of the RCF by approximately two years so that it now matures in February 2027, (2) increases the RCF by $10 million from $390 million to $400 million, (3) adds Fédération Des Caisses Desjardins Du Québec and National Bank of Canada as lenders on the RCF, (4) permits the Company to obtain one or more increases of the RCF in an aggregate amount of up to $100 million in incremental loans and commitments, subject to certain conditions, including obtaining commitments from relevant lenders to provide such increase, (5) allows for unencumbered domestic cash to be included in the calculation of the consolidated net leverage ratio, and (6) allows up to $15 million of non-capitalized underground mine development costs related to Silvertip to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF.

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, 2024, the Company entered into multiple new lease financing arrangements for mining equipment primarily at Rochester for $32.4 million at a weighted average interest rate of 6.89%. 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 2023 10-K.

Interest Expense

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2024		2023		2024		2023
2029 Senior Notes	$	3,756	$	4,097	$	11,331	$	13,409
Revolving Credit Facility	7,427		4,956		21,399		11,481
Finance lease obligations	1,038		1,035		3,294		2,788
Amortization of debt issuance costs	581		703		1,779		1,964
Other debt obligations	770		710		2,324		1,450
Capitalized interest	(292)		(4,099)		(738)		(9,389)
Total interest expense, net of capitalized interest	$	13,280	$	7,402	$	39,389	$	21,703