Debt

6 Months Ended

Jun. 30, 2019



	June 30, 2019				December 31, 2018
In thousands	Current		Non-Current		Current		Non-Current
2024 Senior Notes, net⁽¹⁾	$	—	$	246,237	$	—	$	245,854
Revolving Credit Facility⁽²⁾	—		53,000		—		135,000
Finance lease obligations	21,772		48,968		24,937		53,035
	$	21,772	$	348,205	$	24,937	$	433,889

⁽¹⁾Net of unamortized debt issuance costs of $3.8 million and $4.1 million at June 30, 2019 and December 31, 2018, respectively.

⁽²⁾Unamortized debt issuance costs of $2.7 million and $2.2 million at June 30, 2019 and December 31, 2018, respectively, included in Other Non-Current Assets.

2024 Senior Notes

In May 2017, the Company completed an offering of $250.0 million in aggregate principal amount of 5.875% Senior

Notes due 2024 (“2024 Senior Notes”) in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $245.0 million, followed by an exchange offer for publicly-traded 2024 Senior Notes. For more details, please see Note 18 -- Debt contained in the 2018 10-K.

Revolving Credit Facility

At June 30, 2019, the Company had $197.0 million available under its $250.0 million revolving credit facility (the “RCF”). At June 30, 2019, the interest rate on the outstanding principal of the RCF was 5.9%. The Company has entered into interest rate swap derivative instruments that swap $75.0 million of variable rate debt to fixed rate debt (see Note 13 -- Derivative Financial Instruments).

On April 30, 2019, the Company and Bank of America, N.A., as administrative agent for the RCF lenders, entered into the Second Amendment to Credit Agreement (the “Amendment”). Among other items, the Amendment (1) modifies the financial covenants to (A) provide greater flexibility under the consolidated net leverage ratio requirement through the September 30, 2019 test date, with the ratio returning to the original level as outlined in the RCF starting with the December 31, 2019 test date, and (B) include an additional financial covenant tied to senior secured leverage and (2) increases the interest rate on borrowings under the RCF by 0.75% during periods of elevated consolidated net leverage. On August 6, 2019, the Company entered into the Third Amendment to Credit Agreement (the “Third Amendment”). The Third Amendment, among other items, modifies the financial covenants to provide greater flexibility under the consolidated interest coverage ratio requirement as of the June 30, 2019 test date, with the ratio returning to the original level as outlined in the RCF starting with the September 30, 2019 test date.

Finance Lease Obligations

From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the six months ended June 30, 2019 the Company entered into new lease financing arrangements primarily for mining equipment at Silvertip and Wharf. All capital lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. See Note 7 -- Leases for additional qualitative and quantitative disclosures related to finance leasing arrangements.

Interest Expense



	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2019			2018			2019			2018
2024 Senior Notes	$	3,671		$	3,672		$	7,344		$	7,344
Revolving Credit Facility	1,953			1,369			3,806			2,521
Finance lease obligations	1,142			515			2,249			1,039
Amortization of debt issuance costs	390			324			732			649
Accretion of Silvertip contingent consideration	180			327			359			651
Other debt obligations	2			6			2			114
Capitalized interest	(513		)	(195		)	(1,213		)	(335		)
Total interest expense, net of capitalized interest	$	6,825		$	6,018		$	13,279		$	11,983