Coeur Mining Inc. (NYSE: CDE) announced the commencement of a private exchange offer for all $400 million of New Gold Inc.'s outstanding 6.875% senior notes due 2032. The exchange offer runs through April 20, 2026, with an early participation deadline of April 3, 2026.

Under the offer, holders who tender notes by the early participation date will receive $1,000 in new Coeur notes plus $2 cash for each $1,000 principal amount of existing notes. Those who tender after the early deadline but before expiration will receive $950 in new notes per $1,000 of existing notes.

Coeur is simultaneously soliciting consents to amend the existing notes' indenture, which would eliminate most restrictive covenants and certain default triggers. The amendments require approval from holders of at least 50% of the outstanding notes' principal amount.

The mining company completed its acquisition of New Gold, which triggered a change of control provision requiring New Gold to offer repurchasing all outstanding notes at 101% of principal plus accrued interest within 30 days. However, if the exchange offer succeeds and amendments are adopted, this repurchase obligation would be eliminated.

The new notes will maintain the same interest rate, payment dates, maturity and redemption terms as the existing notes. The first interest payment on new notes will include accrued unpaid interest from the last payment on exchanged notes.

RBC Capital Markets serves as dealer manager for the transaction, while Global Bondholder Services Corporation acts as information agent and exchange agent. The offer is limited to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.