Coeur d'Alene Mines Corp. 'BB-' Issue Rating Withdrawn On Cancellation Of Proposed Bond Issue Jul 12
- Language: English
- Published: July 2012
We are updating our recovery analysis on U.S.-based gold and silver producer Coeur d'Alene Mines Corp. (Coeur), to reflect our assignment of issue and recovery ratings to the company's proposed $200 million senior unsecured notes. Coeur may use the gross proceeds from the proposed notes offering to redeem part or all of its existing 3.25% subordinated notes, pay transaction-related fees and expenses, and for general corporate purposes. Standard & Poor's Ratings Services' simulated default scenario envisions a default in 2016, stemming from increased gold and silver mining costs and mining disruptions, compounded by a severe decline in gold and silver prices. (For Standard & Poor's recovery rating methodology, see "Criteria Guidelines For Recovery Ratings," published Aug. 10, 2009, on RatingsDirect.)...
Companies mentioned in this report are:
- Coeur d'Alene Mines Corp.
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