SSR Mining (NASDAQ: SSRM) secures $600M revolver maturing in 2030
Rhea-AI Filing Summary
SSR Mining Inc. entered into a Second Amended and Restated Credit Agreement providing a senior secured revolving credit facility with an aggregate commitment of $600.0 million, replacing a prior $400.0 million facility.
The facility is secured by substantially all present and future personal property of the company and certain material subsidiaries and is scheduled to mature on July 31, 2030. Borrowings may be in U.S. or Canadian dollars and bear interest at variable rates based on Canadian Prime, Base Rate, CORRA or SOFR plus margins ranging from 1.75% to 2.50% for CORRA and SOFR loans and 0.75% to 1.50% for Canadian Prime and Base Rate loans, depending on the Net Leverage Ratio. Amendments include a $400.0 million investment basket, a $200.0 million limit for certain Capital Lease Obligations and Purchase Money Liens, higher default thresholds of $50.0 million for Material Indebtedness, and leverage and interest coverage covenants while any Permitted Notes are outstanding.
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8-K Event Classification
3 items: 1.01, 2.03, 9.01
3 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Revolving credit commitment: $600.0 million
Prior credit facility size: $400.0 million
Maturity date: July 31, 2030
+5 more
8 metrics
Revolving credit commitment
$600.0 million
Aggregate commitment under Second Amended and Restated Credit Agreement
Prior credit facility size
$400.0 million
Aggregate commitment under Existing Credit Agreement dated August 15, 2023
Maturity date
July 31, 2030
Scheduled maturity of the senior secured revolving credit facility
Investment basket
$400.0 million
Available basket permitting certain Investments under amended agreement
Capital lease and PML debt limit
$200.0 million
Limit for Indebtedness via certain Capital Lease Obligations and Purchase Money Liens
Interest Coverage Ratio
3.00 to 1.00
Minimum ratio required while any Permitted Notes are outstanding
Net Leverage Ratio
4.00 to 1.00
Maximum net leverage required while any Permitted Notes are outstanding
Material Indebtedness default threshold
$50.0 million
Threshold for defaults on Material Indebtedness under the credit agreement
Key Terms
senior secured revolving credit facility, Net Leverage Ratio, Interest Coverage Ratio, Senior Secured Leverage Ratio, +2 more
6 terms
senior secured revolving credit facility financial
"provides for a senior secured revolving credit facility in an aggregate commitment amount"
A senior secured revolving credit facility is a multi‑use bank lending line that a company can draw, repay and redraw as needed, backed by specific assets and ranked first in repayment order if the company defaults. Think of it like a collateralized credit card that gives flexible short‑term cash while lenders hold priority to recover their money; investors watch it because it affects a company’s liquidity, borrowing cost, and who gets paid first in financial distress.
Net Leverage Ratio financial
"based on the Company’s Net Leverage Ratio"
The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.
Interest Coverage Ratio financial
"require the Company to maintain an Interest Coverage Ratio of 3.00 to 1.00"
A measure of how easily a company can pay the interest on its debt, calculated by comparing the earnings it generates from operations to the interest it owes. It matters to investors because a higher ratio means the company can comfortably meet interest payments — like having several paychecks set aside to cover your rent — while a low ratio signals greater risk of missed payments or financial strain.
Senior Secured Leverage Ratio financial
"and a Senior Secured Leverage Ratio of 3.00 to 1.00 while any Permitted Notes"
Capital Lease Obligations financial
"incur Indebtedness pursuant to certain Capital Lease Obligations and Purchase Money Liens"
Material Indebtedness financial
"increase the default thresholds due to the Company’s failure to pay any Material Indebtedness"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What did SSRM (SSR Mining Inc.) change in its credit facility on July 31, 2026?
SSR Mining Inc. entered into a Second Amended and Restated Credit Agreement providing a $600.0 million senior secured revolving credit facility, replacing a prior $400.0 million facility and updating several baskets, leverage tests and default thresholds.
What is the size and maturity of SSRM’s new revolving credit facility?
The new senior secured revolving credit facility has an aggregate commitment of $600.0 million and is scheduled to mature on July 31, 2030, subject to extension provisions contained in the Second Amended and Restated Credit Agreement.
How are interest rates determined under SSRM’s Second Amended and Restated Credit Agreement?
Borrowings may be in U.S. or Canadian dollars and bear variable interest based on Canadian Prime, Base Rate, CORRA or SOFR, plus margins of 1.75%–2.50% for CORRA/SOFR loans and 0.75%–1.50% for Canadian Prime/Base Rate loans, tied to the Net Leverage Ratio.
What key financial covenants apply to SSRM under the new credit agreement?
While any Permitted Notes are outstanding, SSR Mining must maintain an Interest Coverage Ratio of 3.00 to 1.00, a Net Leverage Ratio of 4.00 to 1.00, and a Senior Secured Leverage Ratio of 3.00 to 1.00 under the facility.
What new baskets and limits were set for SSRM’s investments and indebtedness?
The amendments increase the basket for certain Investments to $400.0 million and raise the limit on Indebtedness under certain Capital Lease Obligations and Purchase Money Liens to $200.0 million, providing updated capacity for these categories.
How did SSRM’s default threshold for Material Indebtedness change?
The Second Amended and Restated Credit Agreement increases the default threshold for failure to pay any Material Indebtedness to $50.0 million, meaning smaller amounts of indebtedness in default would not trigger a cross-default under this facility.