Englewood, Colorado – December 16, 2014 – Westmoreland Coal Company (NasdaqGM:WLB, “Westmoreland”) announced today the closing of its previously announced private offering of $350 million in aggregate principal amount of 8.75% Senior Secured Notes due 2022 (the “New Notes”) and its previously announced $350 million Senior Secured Term Loan due 2020 (the “Term Loan”). Westmoreland also announced today the final results of its previously announced tender offer and consent solicitation (the “Tender Offer”) commenced on November 17, 2014 for its 10.75% Senior Secured Notes due 2018 (CUSIP 960887AB3) (the “10.75% Notes”).
The Tender Offer expired at 12:00 a.m., New York City time, on December 15, 2014 (the “Expiration Time”). An aggregate of $664,960,000, representing 98.44% of the principal amount of the 10.75% Notes outstanding, was validly tendered and not withdrawn as of the Expiration Date. Westmoreland funded the consideration paid to the tendering holders of the 10.75% Notes using proceeds from its offering of the New Notes and the Term Loan, and with available cash on hand.
On December 16, 2014, in connection with a satisfaction and discharge of the indenture governing the 10.75% Notes, Westmoreland issued a notice of redemption notifying holders of any remaining 10.75% Notes that, on February 1, 2015, Westmoreland will redeem all of the 10.75% Notes that remained outstanding following the Tender Offer under the terms of the related indenture.
Concurrently with the closing of the offering of the New Notes and the Term Loan, Westmoreland also entered into a second amended and restated revolving credit facility with The PrivateBank and Trust Company.
This press release is being issued pursuant to Rule 135c under the Securities Act of 1933, as amended, and is neither an offer to sell, nor a solicitation of an offer to buy, any of the 10.75% Notes or the New Notes, nor shall there be any sale of the New 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.