McEwen Mining reduces total debt 39% to $40M, extends maturity to Aug 2026

McEwen Inc.

Repaid $25M to Sprott, reducing total debt from $65M (incl. $15M unsecured note) to $40M.
New $40M credit agreement with Evanachan (owned by CEO Rob McEwen) at 9.75% interest, matures Aug 31, 2026.
Monthly principal payments of $1M begin Jan 31, 2025; annual borrowing costs fall ~$2.2M (36%).
Covenants eased: financial tests eliminated, dividend ban removed, non-core assets released from collateral.
Repayment funded by $47.5M gross proceeds from McEwen Copper share sales to Stellantis and Nuton.

item 1.01 item 1.02 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

McEwen Inc. entered into Third Amended and Restated Credit Agreement with Evanachan Limited valued at $40 million (effective 2023-05-23).

Action: entry
Agreement: credit facility
Counterparty: Evanachan Limited
Value: $40 million
Effective: 2023-05-23

Exact text from the filing

On May 23, 2023, McEwen Mining Inc. (the “Company”) entered into a Third Amended and Restated Credit Agreement (“Credit Agreement”) with Evanachan Limited (“Evanachan”) as administrative agent and lender.

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McEwen Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-066010

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