Company Website:
http://www.westmoreland.com
ENGLEWOOD, Colo. -- (Business Wire)
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.
About Westmoreland Coal Company
Westmoreland Coal Company is the oldest independent coal company in the
United States. Westmoreland’s coal operations include sub-bituminous and
lignite coal mining in the Western United States and Canada, a char
production facility, and a 50% interest in an activated carbon plant.
Its power operations include ownership of the two-unit ROVA coal-fired
power plant in North Carolina. For more information, visit www.westmoreland.com.
Cautionary Note Regarding Forward-Looking Statements and Canadian
Information
This release may contain “forward-looking statements.” Forward-looking
statements can be identified by words such as “anticipates,” “intends,”
“plans,” “seeks,” “believes,” “estimates,” “expects” and similar
references to future periods. These statements involve known and unknown
risks, which may cause actual results to differ materially from results
expressed or implied by the forward-looking statements. These
forward-looking statements are based on our current expectations and
beliefs concerning future developments and their potential effect on us.
These forward-looking statements and other information are based on our
beliefs as well as assumptions made by us using information currently
available. Such statements reflect our current views with respect to
future events and are subject to certain risks, uncertainties and
assumptions. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those described herein as anticipated,
believed, estimated, expected or intended. We are making investors aware
that such forward-looking statements, because they relate to future
events, are by their very nature subject to many important factors that
could cause actual results to differ materially from those contemplated.
Such factors include, but are not limited to, the risks that are
described under the heading “Risk Factors” in Westmoreland’s Annual
Report on Form 10-K for the year ended December 31, 2013 and other
filings with the Securities and Exchange Commission. You are cautioned
not to place undue reliance on forward-looking statements, which speak
only as of the date of this press release. Westmoreland undertakes no
obligation to publicly update or revise any forward-looking statements
after the date they are made, whether as a result of new information,
future events or otherwise.
Contacts:
Westmoreland Coal Company
Kevin Paprzycki, 855-922-6463
Source: Westmoreland Coal Company
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