Coeur d'Alene Mines cuts 1.25%, 3.25% convertibles balance by 37%

By Jennifer Chiou

New York, July 2 - Coeur d'Alene Mines Corp. said that during the first half of the year, it has reduced its convertible debt by more than $150 million, or about 37%.

Among the transactions, the company agreed on June 9 to issue common stock in exchange for $15,916,000 of its 1.25% convertible senior notes due 2024 and $17,475,000 of its 3.25% convertible senior notes due 2028.

Coeur d'Alene Mines added that as of July 1, it cut its balance of 1.25% convertibles to $106,784,000 from $180 million on Jan. 1, 2009 and reduced the outstanding amount of 3.25% notes to $150,173,000 from $230 million on Jan. 1, 2009.

The company added that no additional exchanges were pending.

In addition, under a privately negotiated agreement reached June 8, the company previously said it will take $9 million of the 3.25% convertibles in exchange for a number of shares equal to $6.21 million plus accrued interest divided by the arithmetic mean of the volume-weighted average price for the company's common stock for each day between June 9 and June 15 divided by 1.05.

Coeur d'Alene Mines is a silver and gold producer based in Coeur d'Alene, Idaho.

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