Securing 1 Trillion Won Credit Limit: Mining Company on the Verge of North American Gold and Silver Merger

On March 20, Coeur Mining, Inc. (NYSE: CDE) entered into a new US$1 billion secured revolving credit facility, with the National Bank of Canada acting as lead arranger. The facility comprises revolving loans, letters of credit, a swing-line loan and an accordion feature. Proceeds will be used to refinance the existing credit agreement of New Gold in connection with Coeur’s pending acquisition. The facility carries interest rates tied to Coeur’s leverage ratio and its attainment of investment-grade status, and includes customary financial and debt covenants, subsidiary guarantees and security arrangements.

On January 27, shareholders of both Coeur and New Gold approved the merger agreement. The Supreme Court of British Columbia subsequently granted its final approval of the plan of arrangement, completing all material shareholder and court-approval steps required to close the transaction.

Coeur Mining is a New York Stock Exchange–listed, North America–based precious metals producer operating gold and silver mines in the United States, Mexico and Canada. Following its recent acquisitions of SilverCrest and New Gold, Coeur is repositioning itself as a North America–focused precious metals company with an annual gold-equivalent production capacity of approximately 1.25 million ounces by 2026.