Hecla Mining Company filed an 8-K with the SEC on September 18, 2026, disclosing that it entered into a new $500 million senior secured revolving credit facility on September 16, 2026, simultaneously terminating its existing credit agreement dated July 21, 2022.

Key Highlights

  • New credit facility: Hecla Mining entered into a $500 million senior secured revolving credit facility on September 16, 2026, with Bank of America, N.A. as administrative agent.
  • Optional increase: The Credit Agreement includes an option to increase aggregate commitments by up to an additional $100 million, subject to additional lender commitments and specified conditions.
  • Maturity date: The revolving loans mature on September 16, 2030, with an option to extend the maturity date by one additional year upon request to the lenders.
  • Existing facility terminated: The prior Credit Agreement, dated July 21, 2022 and amended May 3, 2024, was terminated on September 16, 2026, with all outstanding obligations repaid, satisfied, or replaced.
  • Collateral change: Unlike the prior agreement, the new Credit Agreement does not include a mortgage on the Greens Creek mine or a lien on substantially all assets of the Greens Creek Group; collateral consists of pledges of certain equity interests of subsidiaries associated with the Greens Creek operations.
  • Dividend restrictions: Under the Credit Agreement, the company is subject to certain restrictions on its ability to pay dividends or make other distributions or payments related to any redemption, retirement, or purchase of capital stock.
  • Senior unsecured notes permitted: The company disclosed it is permitted to issue up to $500 million of senior unsecured notes during the term of the Credit Agreement in compliance with the limitations on indebtedness set forth therein.

Hecla Mining's New $500 Million Credit Facility: Key Terms and Changes

According to the filing, Hecla Mining Company (NYSE:HL), headquartered in Coeur d'Alene, Idaho, entered into a new Credit Agreement on September 16, 2026, with Hecla Limited, Hecla Alaska LLC, Hecla Greens Creek Mining Company, and Hecla Juneau Mining Company as co-borrowers. Bank of America, N.A. serves as administrative agent, swingline lender, and L/C issuer. The facility provides $500 million in senior secured revolving credit, maturing September 16, 2030, with proceeds permitted for working capital, capital expenditures, and general corporate purposes, including refinancing of the prior facility.

The filing states that the interest rate on outstanding loans is, at the option of the applicable borrower, based on Term SOFR or a base rate, in each case plus an applicable margin determined in accordance with a pricing grid set forth in the Credit Agreement. The agreement contains financial covenants requiring maintenance of a minimum interest coverage ratio and a maximum net leverage ratio, as well as customary limitations on indebtedness, liens, investments, restricted payments, asset dispositions, and affiliate transactions, subject to negotiated exceptions and baskets.

The company also disclosed that the obligations under the Credit Agreement are guaranteed by certain subsidiaries and secured by pledges of certain equity interests of subsidiaries associated with the Greens Creek operations. The filing noted a structural difference from the prior facility: the new Credit Agreement does not include a mortgage on the Greens Creek mine or a lien on substantially all assets of the Greens Creek Group. Letters of credit outstanding under the prior facility were transferred and are now governed by the new Credit Agreement. The filing was signed by David C. Sienko, Senior Vice President and General Counsel.

What Was Disclosed

Hecla Mining disclosed the entry into a new $500 million revolving credit facility maturing in 2030, the simultaneous termination of its existing 2022 credit agreement, changes to collateral structure, restrictions on dividend payments, and permission to issue up to $500 million in senior unsecured notes.