McEwen Inc. (MUX): debt financing — McEwen Mining issues $110M of 5.25% convertible notes due 2030; conversion price $11.25

McEwen Inc.

Principal amount of $110M includes $15M full exercise of initial purchasers' option; net proceeds ~$105.9M.
Notes bear 5.25% interest semi-annually; mature August 15, 2030; convertible into cash or common stock at company's election.
Initial conversion rate of 88.9284 shares per $1,000 principal (conversion price ~$11.25), representing ~30% premium over $8.65 close.
Capped call transactions purchased for ~$15.1M reduce potential dilution; cap price $17.30 per share.
Proceeds used to repay ~$20M of existing credit agreement debt, pay capped call cost, and for general corporate purposes.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

McEwen Inc. incurred convertible notes of $110.0 million with U.S. Bank National Association at 5.25% per year maturing August 15, 2030.

Instrument: convertible notes
Principal: $110.0 million
Counterparty: U.S. Bank National Association
Rate: 5.25% per year
Maturity: August 15, 2030
Event: incurrence

Exact text from the filing

On February 11, 2025, McEwen Mining Inc. (the “Company”) issued $110.0 million in aggregate principal amount of its 5.25% convertible senior notes due 2030 (the “Notes”), which amount includes the exercise in full of the $15.0 million option granted to the Initial Purchasers (as defined below) of the Notes, in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

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McEwen Inc. filing history →

Source: SEC EDGAR

accession 0001140361-25-003863

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