XML 28 R14.htm IDEA: XBRL DOCUMENT
v3.19.2

Debt | 6 Months Ended
--- | ---
Jun. 30, 2019
Debt Disclosure [Abstract] |
DEBT | DEBT
| June 30, 2019 |  | December 31, 2018
In thousands | Current |  | Non-Current |  | Current |  | Non-Current
2024 Senior Notes, net(1) | $ | — |  |  | $ | 246,237 |  |  | $ | — |  |  | $ | 245,854 |
Revolving Credit Facility(2) | — |  |  | 53,000 |  |  | — |  |  | 135,000 |
Finance lease obligations | 21,772 |  |  | 48,968 |  |  | 24,937 |  |  | 53,035 |
| $ | 21,772 |  |  | $ | 348,205 |  |  | $ | 24,937 |  |  | $ | 433,889 |
(1) Net of unamortized debt issuance costs of $3.8 million and $4.1 million at June 30, 2019 and December 31, 2018, respectively. (2) Unamortized debt issuance costs of $2.7 million and $2.2 million at June 30, 2019 and December 31, 2018, respectively, included in Other Non-Current Assets. 2024 Senior Notes In May 2017, the Company completed an offering of $250.0 million in aggregate principal amount of 5.875% Senior Notes due 2024 (“2024 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 $245.0 million, followed by an exchange offer for publicly-traded 2024 Senior Notes. For more details, please see Note 18 -- Debt contained in the 2018 10-K. Revolving Credit Facility At June 30, 2019, the Company had $197.0 million available under its $250.0 million revolving credit facility (the “RCF”). At June 30, 2019, the interest rate on the outstanding principal of the RCF was 5.9%. The Company has entered into interest rate swap derivative instruments that swap $75.0 million of variable rate debt to fixed rate debt (see Note 13 -- Derivative Financial Instruments). On April 30, 2019, the Company and Bank of America, N.A., as administrative agent for the RCF lenders, entered into the Second Amendment to Credit Agreement (the “Amendment”). Among other items, the Amendment (1) modifies the financial covenants to (A) provide greater flexibility under the consolidated net leverage ratio requirement through the September 30, 2019 test date, with the ratio returning to the original level as outlined in the RCF starting with the December 31, 2019 test date, and (B) include an additional financial covenant tied to senior secured leverage and (2) increases the interest rate on borrowings under the RCF by 0.75% during periods of elevated consolidated net leverage. On August 6, 2019, the Company entered into the Third Amendment to Credit Agreement (the “Third Amendment”). The Third Amendment, among other items, modifies the financial covenants to provide greater flexibility under the consolidated interest coverage ratio requirement as of the June 30, 2019 test date, with the ratio returning to the original level as outlined in the RCF starting with the September 30, 2019 test date. Finance Lease Obligations From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the six months ended June 30, 2019 the Company entered into new lease financing arrangements primarily for mining equipment at Silvertip and Wharf. All capital 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 June 30, |  | Six Months Ended June 30,
In thousands | 2019 |  | 2018 |  | 2019 |  | 2018
2024 Senior Notes | $ | 3,671 |  |  | $ | 3,672 |  |  | $ | 7,344 |  |  | $ | 7,344 |
Revolving Credit Facility | 1,953 |  |  | 1,369 |  |  | 3,806 |  |  | 2,521 |
Finance lease obligations | 1,142 |  |  | 515 |  |  | 2,249 |  |  | 1,039 |
Amortization of debt issuance costs | 390 |  |  | 324 |  |  | 732 |  |  | 649 |
Accretion of Silvertip contingent consideration | 180 |  |  | 327 |  |  | 359 |  |  | 651 |
Other debt obligations | 2 |  |  | 6 |  |  | 2 |  |  | 114 |
Capitalized interest | (513 | ) |  | (195 | ) |  | (1,213 | ) |  | (335 | )
Total interest expense, net of capitalized interest | $ | 6,825 |  |  | $ | 6,018 |  |  | $ | 13,279 |  |  | $ | 11,983 |

X
- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration