Coeur d'Alene Mines (NYSE:CDE) says that the captial markets have deteriorated, and the silver miner won't be proceeding with its previously announced debt offering.
"Weak overall conditions in the debt markets led us to conclude that the proposed offering of senior notes would not be in the best interest of shareholders under the terms currently available," said Mitchell J. Krebs, president and chief executive officer in a news release.
Coeur d'Alene announced at the end of June its intention to raise US$350 million for growth initiatives and general corporate purposes.
“We had hoped to opportunistically access the debt markets to augment our already strong balance sheet, but we will only do so in a disciplined manner. We will continue our focus on creating shareholder value through operational consistency, cost containment, disciplined growth, and maintaining a conservative financial profile.”
Coeur d'Alene Mines Corporation is the largest U.S.-based primary silver producer.
Silver has been sliding as of late, dropping from $35/oz to $28/oz in the last three months.