Coeur d’Alene Mines Corporation Limited (CXC) said it has reduced its convertible debt by over $150 million, or approximately 37% during the first half of 2009. The company said it has taken advantage of the state of the convertibles market to opportunistically reduce the remaining balance of its two unsecured convertible debentures.
Chief financial officer Mitchell Krebs said this was one element of the gold and silver producer’s plan to position itself for a strong future.
“Debt reduction is part of a larger effort to enhance shareholder value that also includes reducing non-operating costs, improving our working capital position, and boosting operating cash flow from the company’s new mines,” Mr Krebs said.
Coeur said its basic outstanding shares stood at 75,401,603 on July 1, 2009, while its diluted shares outstanding were approximately 80,023,029.
At close of trade yesterday, Coeur d’Alene shares were trading at $15.74.
