Englewood, CO – November 24, 2014 – Westmoreland Coal Company (NasdaqGM:WLB, “Westmoreland”) announced today that it intends to offer, subject to market conditions, approximately $400 million in principal amount of Senior Secured Notes expected to mature in 2021 (the “Notes”). Westmoreland made the announcement in connection with its marketing efforts for a Senior Secured Term Loan due 2020 (the “Term Loan”). The Notes will be offered in a private placement to eligible purchasers. Westmoreland intends to use the proceeds from such offering, together with proceeds from the contemplated Term Loan and cash on hand to fund the consideration payable in connection with Westmoreland’s previously announced tender offer and consent solicitation for its outstanding 10.75% Senior Secured Notes due 2018. The consummation of the private placement of the Notes will be subject to market and other conditions.
Westmoreland does not intend to register the Notes under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws, and may not offer or sell the Notes in the United States absent registration under, or an applicable exemption from the registration requirements of, the Securities Act and applicable state securities laws. Westmoreland expects that the initial purchasers of the Notes may resell the Notes pursuant to Rule 144A and Regulation S under the Securities Act.
This press release is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell, nor a solicitation of an offer to buy, any of the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.