96.33% Participation Achieved
Announcing the early participation results, Coeur Mining, Inc., headquartered in Chicago, detailed its private exchange offer involving New Gold Inc.’s senior notes. By the early participation deadline of April 3, 2026, Coeur successfully received tenders for 96.33% of the $400 million aggregate principal amount of existing notes.
Besides the exchange offer, Coeur solicits consents to amend the indenture governing the existing notes. These amendments aim to remove nearly all restrictive covenants and specific events that could lead to an ‘Event of Default’ under the current indenture.
Supplemental Indenture Executed
Coeur Mining executed a supplemental indenture following the acquisition of New Gold. This document, effective immediately upon execution, will become operational once the exchange offer is finalised. As a result, Coeur will not be forced to repurchase the notes due to the change of control.
According to the exchange offer memorandum dated March 23, 2026, withdrawal rights for participants expired on April 3, 2026. The entire exchange offer is set on April 20, 2026, with settlement anticipated by April 22, 2026, assuming all regulatory conditions are satisfied.
Global Bondholder Services Corporation, acting as the information and exchange agent, provided data confirming the successful early participation rate. Coeur’s strategic move to amend the indenture follows its acquisition of all outstanding shares of New Gold, a process recently finalised.
New notes will be issued in exchange for the existing notes, along with a cash component, designed to attract eligible holders. The Exchange Offer and Consent Solicitation are being made pursuant to the terms and conditions outlined in the exchange offer memorandum. Since Coeur has received consents representing a majority in principal amount of the Existing Notes, the company executed a supplemental indenture to effect the proposed amendments.
As previously announced, Coeur completed the acquisition of all issued and outstanding shares of New Gold, constituting a ‘change of control’ under the Existing Notes Indenture. However, since the Supplemental Indenture was executed and the Proposed Amendments became effective, no obligation remains to make any offer to repurchase the Existing Notes due to the change of control.
Details from the early participation date on April 3, 2026, highlight that Rule 144A Notes and Reg. S Notes under CUSIP and ISIN numbers 644535 AJ5 / US644535AJ57 and C62944 AE0 / USC62944AE04, respectively, had US$385,300,000 validly tendered, representing 96.33% of the principal amount outstanding.
Last updated: 7 April 2026, 1:34 am
