Chicago-based gold and silver producer Coeur Mining Inc. has initiated the largest exploration and capital spending program in its history, which we expect will cause its operating cash flow to remain negative through 2022. The company is also issuing $350 million of senior unsecured notes due 2029, which it will use the proceeds from to repay its $230 million of outstanding senior unsecured notes due 2024, pay related fees, and add $102 million of cash to its balance sheet for general corpporate purposes. We now forecast Coeur's debt to EBITDA will rise to the 2.5x-3.0x range in 2021, which compares with 1.8x in 2020. We are affirming our 'B' issuer credit rating on the company. At the same time, we
