Coeur Mining Inc. (NYSE: CDE) announced that 96.33% of New Gold Inc.'s outstanding senior notes have been tendered in its exchange offer as of the early participation deadline on April 3, 2026.

The company received $385.3 million of the $400 million in 6.875% Senior Notes due 2032 originally issued by New Gold. Coeur completed its acquisition of New Gold and is offering to exchange the existing notes for new Coeur-issued debt securities plus cash.

Eligible holders who tendered notes by the early deadline will receive $1,000 in new Coeur notes plus $2 in cash for each $1,000 of existing notes, along with an early participation premium of $50 in additional new notes. Holders who tender after the early deadline but before the April 20, 2026 expiration date will receive $950 in new notes per $1,000 of existing notes.

The company obtained the required majority consent from noteholders to amend the existing note indenture, eliminating most restrictive covenants and certain default provisions. A supplemental indenture has been executed and will become operative when the exchange offer settles, expected around April 22, 2026.

The amendments remove Coeur's obligation to offer to repurchase the notes due to the change of control triggered by New Gold's acquisition. The new notes will maintain the same interest rate, payment dates, maturity and redemption terms as the original New Gold notes.

RBC Capital Markets is serving 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 and non-U.S. persons meeting specific eligibility requirements.