Englewood, Colorado – December 2, 2014 – Westmoreland Coal Company (NasdaqGM: WLB, “Westmoreland”) announced today early results for its previously announced tender offer and related consent solicitation commenced on November 17, 2014 for its 10.75% Senior Secured Notes due 2018 (CUSIP 960887AB3) (the “Notes”). An aggregate of $664,002,000 principal amount of Notes, representing 98.30% of the Notes outstanding, has been tendered as of 5:00 p.m., New York City time, on December 1, 2014. Accordingly, the requisite consents to approve the proposed amendments pursuant to the consent solicitation have been obtained.
Withdrawal and revocation rights expired at 5:00 p.m., New York City time, on December 1, 2014 and Notes tendered may no longer be withdrawn and consents delivered may no longer be revoked.
The tender offer is scheduled to expire at 12:00 a.m., New York City time, on December 15, 2014, unless extended or earlier terminated.
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.