Coeur Completes Sale of $100 Million of Senior Unsecured Notes
February 05 2010 - 4:05PM
Business Wire
Coeur d'Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC)
today announced that it has completed the sale of $100 million of
senior unsecured notes (the “Notes”) under its effective shelf
registration statement on file with the U.S. Securities and
Exchange Commission. In conjunction with the sale of the Notes, the
Company also sold shares of its common stock valued at $3.75
million.
Mitchell J. Krebs, Coeur’s Chief Financial Officer, commented,
“The proceeds of these notes will be used in part to fund Coeur’s
main capital priorities in 2010, including construction of a final
tailings dam and underground development at the Palmarejo silver
and gold mine in Mexico as well as other projects to support the
Company’s continued growth.”
The principal of the notes is payable in twelve equal quarterly
installments, with the first such installment due on March 31,
2010. Coeur has the option of paying amounts due on the notes in
cash, shares of common stock or a combination of cash and shares of
common stock. The stated interest rate on the notes is 6.50%, but
the payments for principal and interest due on any payment date
will be computed to give effect to recent share prices, valuing
Coeur’s shares of common stock at 90% of a weighted average share
price over a pricing period ending shortly before the payment date.
The effect of this computation will be to cause the amount actually
due for both principal and interest to be greater than the stated
amounts.
The Company will file a prospectus supplement with the
Securities and Exchange Commission relating to the offering of the
notes and the shares of common stock. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy
notes nor shall there be any sale of such securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. A copy of the
prospectus supplement may be obtained upon written request to the
Company at 505 Front Avenue, P.O. Box I, Coeur d'Alene, Idaho
83816.
About Coeur
Coeur d'Alene Mines Corporation is one of the world's leading
silver companies and also a significant gold producer. The
Company’s three new long-life mines include the San Bartolomé
silver mine in Bolivia, the Palmarejo silver/gold mine in Mexico,
which began operations in 2009, and the Kensington gold mine in
Alaska, which is expected to begin operations in the third quarter
of 2010. The Company also operates underground mines in southern
Chile and Argentina and one surface mine in Nevada; and owns a
non-operating interest in a low-cost mine in Australia. The Company
conducts exploration activities in Alaska, Argentina, Chile and
Mexico. Coeur common shares are traded on the New York Stock
Exchange under the symbol CDE, the Toronto Stock Exchange under the
symbol CDM, and its CHESS Depositary Interests are traded on the
Australian Securities Exchange under symbol CXC.
Photos of operations and projects and other information can be
accessed through the company website at www.coeur.com.
Cautionary Statement
This press release may contain forward-looking statements within
the meaning of securities legislation in the United States, Canada,
and Australia, including statements regarding the offering and the
use of the net proceeds from the offering. These forward-looking
statements involve risks and uncertainties. Factors that could
cause actual events to differ materially from those predicted in
such forward-looking statements include market conditions,
potential fluctuations in the Company's stock price, management's
broad discretion over the use of the net proceeds of the offering,
changes in U.S. generally accepted accounting principles or in
their interpretation. Certain of these risks and others are
detailed from time to time in the Company's periodic reports filed
with the Securities and Exchange Commission and in the registration
statement. Coeur disclaims any intent or obligation to update
publicly such forward-looking statements, whether as a result of
new information, future events or otherwise. Additionally, Coeur
undertakes no obligation to comment on analyses, expectations or
statements made by third parties in respect of Coeur, its financial
or operating results or its securities.
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