Debt

9 Months Ended

Sep. 30, 2019



	September 30, 2019				December 31, 2018
In thousands	Current		Non-Current		Current		Non-Current
2024 Senior Notes, net⁽¹⁾	$	—	$	226,709	$	—	$	245,854
Revolving Credit Facility⁽²⁾	—		—		—		135,000
Finance lease obligations	21,939		50,072		24,937		53,035
	$	21,939	$	276,781	$	24,937	$	433,889

⁽¹⁾Net of unamortized debt issuance costs of $3.3 million and $4.1 million at September 30, 2019 and December 31, 2018, respectively.

⁽²⁾Unamortized debt issuance costs of $2.5 million and $2.2 million at September 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.

In the third quarter of 2019, the Company entered into multiple privately-negotiated agreements to exchange $20 million in aggregate principal amount of its 2024 Senior Notes for approximately 4.5 million shares of common stock. Based on the closing price of the Company’s common stock on the date of the exchange, the exchanges resulted in an aggregate loss of $1.3 million.

Revolving Credit Facility

At September 30, 2019, the Company had $250.0 million available under its $250.0 million revolving credit facility (the “RCF”) provided pursuant to the credit agreement entered into in September, 2017 (as amended, the “Credit Agreement”) among the Company, as borrower, and certain subsidiaries of the Company, as guarantors, and Bank of America, N.A, as administrative agent (the “Agent”), and Bank of America, N.A., Royal Bank of Canada, Bank of Montreal, Chicago Branch, and the Bank of Nova Scotia (the “RCF Lenders”). At September 30, 2019, the interest rate on the principal of the RCF was 5.6%. The Company has entered into interest rate swap derivative instruments with certain RCF Lenders that swap $37.5 million of variable rate debt to fixed rate debt (see Note 13 -- Derivative Financial Instruments).

In April and August of 2019 the Company, as borrower, certain subsidiaries of the Company, as guarantors, the Agent and the RCF Lenders entered into amendments to the Credit Agreement to, among other items, modify the financial covenants to provide greater flexibility in 2019 (the "Amendments").

Finance Lease Obligations

From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the nine months ended September 30, 2019, the Company entered into new lease financing arrangements primarily for mining equipment at Silvertip, Wharf and Rochester. 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 September 30,						Nine months ended September 30,
In thousands	2019			2018			2019			2018
2024 Senior Notes	$	3,563		$	3,672		$	10,907		$	11,016
Revolving Credit Facility	963			1,515			4,769			4,035
Finance lease obligations	1,210			512			3,459			1,551
Amortization of debt issuance costs	378			323			1,110			972
Accretion of Silvertip contingent consideration	182			329			541			980
Other debt obligations	58			196			60			312
Capitalized interest	(374		)	(729		)	(1,587		)	(1,065		)
Total interest expense, net of capitalized interest	$	5,980		$	5,818		$	19,259		$	17,801