Coeur Mining announced that 96.33% of the $400 million principal amount of New Gold Inc.’s 6.875% Senior Notes due 2032 has been tendered in the early‑participation window of its private exchange offer. The offer, which began on March 18, 2025, allows eligible holders to swap their existing notes for Coeur shares and cash, and it is set to expire on April 20, 2026 with settlement expected around April 22.
The early‑participation deadline of April 3, 2026 was met with an overwhelming response, reflecting strong confidence among noteholders in the combined entity’s prospects. The exchange is a key component of the integration plan that followed Coeur’s acquisition of New Gold on March 20, 2026, a transaction that created a North American‑based precious‑metals producer with a combined market capitalization of roughly $20 billion.
By converting New Gold’s debt into Coeur’s own senior notes and cash, the company is streamlining its capital structure and avoiding the change‑of‑control repurchase obligation that would have been triggered by the acquisition. The exchange also allows Coeur to amend the indenture, removing restrictive covenants and default events that could limit financial flexibility. With a debt‑to‑equity ratio of 0.11, the company is well positioned to absorb the new debt while maintaining a strong balance sheet.
CEO Mitchell Krebs noted that the company is in “the strongest position in its 98‑year history,” citing the high participation rate as evidence of noteholders’ confidence in the combined entity’s strategy. The exchange is expected to reduce leverage, simplify the debt profile, and free up capital for future growth initiatives such as expanding Canadian operations and investing in silver production.
The successful completion of the early‑participation phase signals that the integration is proceeding smoothly and that the market is receptive to Coeur’s post‑merger financial strategy. The high participation rate also mitigates the risk of a costly repurchase and positions the company to focus on operational synergies and long‑term value creation.
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