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Debt | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt Disclosure | DEBT
| December 31, 2024 |  | December 31, 2023
In thousands | Current |  | Non-Current |  | Current |  | Non-Current
2029 Senior Notes, net(1) | $ | — |  |  | $ | 290,058 |  |  | $ | — |  |  | $ | 295,115 |
Revolving Credit Facility(2) | — |  |  | 195,000 |  |  | — |  |  | 175,000 |
Finance lease obligations | 31,380 |  |  | 73,620 |  |  | 22,636 |  |  | 52,559 |
| $ | 31,380 |  |  | $ | 558,678 |  |  | $ | 22,636 |  |  | $ | 522,674 |
(1) Net of unamortized debt issuance costs of $3.1 million and $3.9 million at December 31, 2024 and December 31, 2023, respectively. (2) Unamortized debt issuance costs of $3.4 million and $2.8 million at December 31, 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”). The 2029 Senior Notes are governed by an Indenture dated as of March 1, 2021 (the “Indenture”), among the Company, as issuer, certain of the Company's subsidiaries named therein, as guarantors thereto (the “Guarantors”), and The Bank of New York Mellon, as trustee (the “Trustee”). The 2029 Senior Notes bear interest at a rate of 5.125% per year from the date of issuance. Interest on the 2029 Senior Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2021. The 2029 Senior Notes will mature on February 15, 2029 and are fully and unconditionally guaranteed by the Guarantors. As of February 15, 2024, the Company may redeem some or all of the 2029 Senior Notes at redemption prices set forth in the Indenture, together with accrued and unpaid interest. The Indenture contains covenants that, among other things, limit the Company’s ability under certain circumstances to incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loans and investments, create liens, sell, transfer or otherwise dispose of assets, enter into transactions with affiliates, enter into agreements restricting the Company's subsidiaries' ability to pay dividends and impose conditions on the Company’s ability to engage in mergers, consolidations and sales of all or substantially all of its assets. The Indenture also contains certain “Events of Default” (as defined in the Indenture) customary for indentures of this type. If an Event of Default has occurred and is continuing, the Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Senior Notes then outstanding may, and the Trustee at the request of the holders of not less than 25% in aggregate principal amount of the 2029 Senior Notes then outstanding shall, declare all unpaid principal of, premium, if any, and accrued interest on all the 2029 Senior Notes to be due and payable. During the year ended December 31, 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. Revolving Credit Facility In September 2017, the Company entered into a senior secured revolving credit facility (“RCF”) pursuant to a credit agreement, dated as of September 29, 2017 (as subsequently 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 and Bank of America, N.A., Royal Bank of Canada, Bank of Montreal, Chicago Branch, the Bank of Nova Scotia and ING Capital LLC, as lenders with an original term of four years. Loans under the RCF bear interest at a rate equal to either a base rate plus a margin ranging from 1.00% to 1.75% or an adjusted LIBOR rate plus a margin ranging from 2.00% to 2.75%, as selected by the Company, in each case, with such margin determined in accordance with a pricing grid based upon the Company’s consolidated net leverage ratio as of the end of the applicable period. The RCF was subsequently amended in 2018, 2019, 2021, 2022, 2023 and 2024, including amendments to extend the term of the RCF, increase its capacity, add and remove lenders, modify restrictive covenants, and address other matters. On February 21, 2024, the Company entered into an agreement to extend and enhance the 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 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. The RCF is secured by substantially all of the assets of the Company and its U.S. subsidiaries, including the land, mineral rights and infrastructure at the Kensington, Rochester and Wharf mines as well as a pledge of the shares and other equity interests of certain of the Company’s subsidiaries. The Credit Agreement contains representations and warranties and affirmative and negative covenants that are usual and customary, including representations, warranties, and covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Credit Agreement requires the Company to meet certain financial covenants, including a senior secured leverage ratio, a consolidated net leverage ratio and a consolidated interest coverage ratio. Obligations under the RCF may be accelerated upon the occurrence of certain customary events of default. At December 31, 2024, the Company had $195.0 million drawn at a weighted-average interest rate of 6.7%, $29.3 million in outstanding letters of credit and $175.7 million available under the RCF. Future borrowing may be subject to certain financial covenants. Finance Lease Obligations From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the year ended December 31, 2024, the Company entered into multiple new lease financing arrangements for mining equipment, primarily at Rochester for $54.3 million at a weighted average interest rate of 7.0%. Coeur secured a finance lease package for nearly $60.0 million in 2021, all of which has been funded as of December 31, 2024. This package was earmarked for planned equipment for the Rochester expansion project in 2022, 2023 and 2024 and has an interest rate of 5.2%. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. For more details, please see Note 7 -- Leases for additional qualitative and quantitative disclosures related to finance leasing arrangements. Interest Expense
|  |  | Year Ended December 31,
In thousands |  |  |  |  | 2024 |  | 2023 |  | 2022
2029 Senior Notes |  |  |  |  | $ | 15,086 |  |  | $ | 17,288 |  |  | 19,219 |
Revolving Credit Facility |  |  |  |  | 26,749 |  |  | 17,752 |  |  | 8,503 |
Finance lease obligations |  |  |  |  | 4,844 |  |  | 3,762 |  |  | 5,084 |
Amortization of debt issuance costs |  |  |  |  | 2,360 |  |  | 2,709 |  |  | 2,052 |
Other obligations |  |  |  |  | 3,293 |  |  | 2,149 |  |  | 166 |
Capitalized interest |  |  |  |  | (1,056) |  |  | (14,561) |  |  | (11,163) |
Total interest expense, net of capitalized interest |  |  |  |  | $ | 51,276 |  |  | $ | 29,099 |  |  | $ | 23,861 |

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