Debt

3 Months Ended

Mar. 31, 2020



	March 31, 2020				December 31, 2019
In thousands	Current		Non-Current		Current		Non-Current
2024 Senior Notes, net⁽¹⁾	$	—	$	227,062	$	—	$	226,885
Revolving Credit Facility⁽²⁾	—		50,000		—		—
Finance lease obligations	23,588		42,459		22,746		45,866
	$	23,588	$	319,521	$	22,746	$	272,751

⁽¹⁾Net of unamortized debt issuance costs of $2.9 million and $3.1 million at March 31, 2020 and December 31, 2019, respectively.

⁽²⁾Unamortized debt issuance costs of $2.1 million and $2.3 million at March 31, 2020 and December 31, 2019, 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, 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 12 -- Debt contained in the 2019 10-K.

Revolving Credit Facility

At March 31, 2020, the Company had $200.0 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 March 31, 2020, the interest rate on the principal of the RCF was 3.4%.

Finance Lease Obligations

From time-to-time, the Company acquires mining equipment and facilities under finance lease agreements. In the three months ended March 31, 2020, the Company entered into new lease financing arrangements primarily for mining equipment at Kensington and Palmarejo. 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 March 31,
In thousands	2020			2019
2024 Senior Notes	$	3,378		$	3,673
Revolving Credit Facility	549			1,853
Finance lease obligations	1,005			1,107
Amortization of debt issuance costs	381			342
Accretion of Silvertip contingent consideration	—			179
Other debt obligations	35			—
Capitalized interest	(220		)	(700		)
Total interest expense, net of capitalized interest	$	5,128		$	6,454