Westmoreland Announces Commencement of Exchange Offer for 10.75% Senior Secured Notes due 2018
Westmoreland Coal Company (NasdaqGM:WLB) today announced that it has
commenced an offer to exchange $125,000,000 ?aggregate principal amount
of its 10.75% Senior Secured Notes due 2018 that were issued in a
private placement on January ?31, 2012 (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 ?January 31,
2012 ?in connection with the issuance of the Original Notes, and does not
represent a new financing transaction. The Company 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 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 ?July
23, 2012, 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be validly made at or prior to the expiration time and may be withdrawn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 ?June
22, 2012 ?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.
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 ?June 18, 2012. 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 ?June 22, 2012 ?and the
related letter of transmittal.
About Westmoreland Coal Company
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, sub-bituminous mining in Wyoming, 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, 855-922-6463