Westmoreland Announces Commencement of Exchange Offer for 10.75% Senior Secured Notes Due 2018
Westmoreland Coal Company (Nasdaq GM: WLB) today announced that it has
commenced a registered exchange offer to exchange any and all of
its $150,000,000 aggregate principal amount of 10.75% Senior Secured
Notes due 2018 that were issued in a private placement (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 February 4,
2011 in connection with the issuance of the Original Notes, and does not
represent a new financing transaction. The Company will not receive any
further 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 the Company 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 August 29, 2011, unless extended by the Company. 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withdrawn at any time prior to the expiration time.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 July
29, 2011 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, National Association, Corporate Trust
Operations at 800-334-5128.
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 July 28, 2011. 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 July 29, 2011 and the
related letter of transmittal.
Westmoreland Coal Company is the oldest independent coal company in the
United States. The Company′s coal operations include coal mining in the
Powder River Basin in Montana and lignite mining operations in Montana,
North Dakota and Texas. Its power operations include ownership of the
two-unit ROVA coal-fired power plant in North Carolina. For more
information, visit www.westmoreland.com.
Westmoreland Coal Company
Kevin Paprzycki, 719-442-2600