Westmoreland Announces Commencement of Exchange Offer for $425 Million of Its 10.75 % Senior Secured Notes Due 2018
August 29 2014 - 9:37AM
Business Wire
Westmoreland Coal Company (NasdaqGM:WLB) today announced that it
has commenced an offer to exchange up to $425,000,000 aggregate
principal amount of its 10.75% Senior Secured Notes due 2018 that
were issued in a private placement on April 28, 2014 (the
“Original Notes”) for an equal principal amount of its 10.75%
Senior Secured Notes due 2018 that have been registered under the
Securities Act of 1933, as amended (the “Exchange Notes”).
The exchange offer is being made to satisfy Westmoreland’s
obligations under a registration rights agreement entered into on
April 28, 2014 in connection with the issuance of the Original
Notes, and does not represent a new financing transaction.
Westmoreland will not receive any proceeds from the exchange
offer.
The terms of the Exchange Notes are substantially identical to
the terms of the Original Notes, except that certain transfer
restrictions, registration rights and additional interest
provisions do not apply to the Exchange Notes. Original Notes that
are not exchanged in the exchange offer will continue to be subject
to the existing transfer restrictions, and Westmoreland will
generally have no further obligation to provide for the
registration of those notes under the Securities Act of 1933, as
amended.
The exchange offer will expire at 5:00 p.m., New York City time,
on September 26, 2014, unless extended by Westmoreland.
Tenders of Original Notes must be validly made at or prior to the
expiration time and may be withdrawn at any time prior to the
expiration time.
The terms of the exchange offer are set forth in a prospectus
dated August 29, 2014 and the related letter of transmittal.
Requests for assistance or for copies of documents related to the
exchange offer, including the prospectus and the letter of
transmittal, should be directed to the exchange agent, Wells Fargo
Bank, N. A., Corporate Trust Operations at 800-334-5128, or at the
following address: Attn: Wells Fargo Bank, N.A., Corporate Trust
Operations, MAC N9303-121, Sixth & Marquette Ave., Minneapolis
Minnesota, 52479.
This press release is not an offer to buy or sell or the
solicitation of an offer to buy or sell any of the securities
described herein, nor shall there be any offer, solicitation or
sale of such securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. A registration statement on
Form S-4 relating to the exchange offer was declared effective by
the Securities and Exchange Commission on August 27, 2014. The
exchange offer is being made only pursuant to the exchange offer
documents that are being distributed to holders of the Original
Notes, including the prospectus dated August 29, 2014 and the
related letter of transmittal.
About Westmoreland Coal Company
Westmoreland Coal Company is the oldest independent coal company
in the United States. Our coal operations include sub-bituminous
and lignite coal mining in the Western United States and Canada.
Its power operations include ownership of the two-unit ROVA
coal-fired power plant in North Carolina.
Westmoreland Coal CompanyKevin Paprzycki, (855) 922-6463