Englewood, CO – May 7, 2014 – Westmoreland Coal Company (NasdaqGM:WLB) announced today its offer to purchase up to $22,125,000 principal amount of its 10.75% Senior Secured Notes due 2018, CUSIPs 960887AB3, U96068AC2, and 960887AD9 (the “Notes”). The offer will expire at 5:00 p.m. Eastern Time on Thursday, May 29, 2014. The offer price for the Notes will be payable in cash in an amount equal to 100% of the principal amount of the Notes tendered, plus accrued and unpaid interest thereon, if any, to the date and time the offer is consummated, which is expected to be June 3, 2014, at 5:00 P.M. Eastern Time.
Westmoreland is required by the terms of its indenture governing the Notes to make this offer because it achieved certain financial results (as provided in the indenture) for the year ended December 31, 2013. If Notes are not tendered for the entire amount of the offer, Westmoreland may use the remaining offered amount for general corporate purposes.
If the aggregate of the offered price of Notes validly tendered and not withdrawn by holders exceeds the payment amount, Notes to be purchased will be selected on a pro rata basis with such adjustments as may be deemed appropriate by Westmoreland so that only Notes in denominations of $2,000, or integral multiples of $1,000 in excess thereof, will be purchased. All Notes not accepted as a result of prorationing will be rejected from the offer and will be returned to the tendering holders promptly following the earlier of June 3, 2014, at 5:00 P.M. Eastern Time, or the date on which the offer is terminated.
The results of this offer to purchase Notes will be posted at www.Westmoreland.com on June 3, 2014, after 5:00 P.M. Eastern Time.
This announcement is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell any Notes.