Coeur launches exchange offer for New Gold notes

Executive Summary

• Coeur Mining has launched a private exchange offer allowing holders of its $400 million 6.875% senior notes due 2032 (issued by New Gold) to swap for up to $400 million of new senior notes plus cash.
• The company is simultaneously seeking bondholder consent to amend the existing indenture, removing most restrictive covenants and default‑triggering events; approval requires holders of a majority of principal amount.
• Early participation (tenders made by 5 p.m. NY time on April 3, 2026) yields $2 cash per $1,000 principal plus an additional $50 principal of new notes; later participation receives $950 principal of new notes per $1,000 tendered.

Key Details

• Existing Notes: $400 million aggregate principal, 6.875% senior notes due 2032 (CUSIP: 644535 AJ5 / C62944 AE0).
• New Notes Offered: Up to $400 million aggregate principal of identical‑terms senior notes plus cash consideration.
• Early Participation Cash Consideration: $2.00 per $1,000 principal tendered.
• Early Participation Premium: Additional $50 principal amount of new notes per $1,000 existing notes tendered (total $1,050 principal).
• Standard Participation Consideration: $950 principal amount of new notes per $1,000 existing notes tendered after the early participation deadline but before expiration.
• Expiration Dates:
• Early participation deadline – 5 p.m. NY time, April 3, 2026.
• Exchange offer expiration – 5 p.m. NY time, April 20, 2026 (subject to extension/termination).
• Settlement expected on or about April 22, 2026 (no earlier than second business day after expiration).
• Consent Solicitation: Requires majority holder consent to amend indenture; consent must be delivered with a tender and cannot be withdrawn after the earlier of the early participation deadline or execution of supplemental indenture.
• Effect on Change‑of‑Control Repurchase Obligation: If exchange offer is completed and amendments adopted, Coeur will no longer be required to repurchase notes at 101% principal under the original change‑of‑control provision.
• Interest & Redemption Terms: New notes retain the same interest rate (6.875%), payment dates, maturity (2032), and redemption features as the exchanged notes. First interest payment on new notes will include accrued unpaid interest up to the last payment date of the old notes.
• Dealer/Agents: RBC Capital Markets LLC – dealer manager; Global Bondholder Services Corp. – information and exchange agent.
• Eligibility Requirements: Participants must be qualified institutional buyers (Rule 144A) or non‑U.S. persons (Regulation S); Canadian holders must submit a specific eligibility certification.

Notable Quotes

(No executive quotes were included in the release.)