ENGLEWOOD, Colo.--(BUSINESS WIRE)--
In connection with its acquisition of Sherritt International’s coal
mining operations, Westmoreland Coal Company (NasdaqGM:WLB) announced an
increase in its revolving line of credit.
Westmoreland amended its existing revolving credit facility with The
PrivateBank and Trust Company to add Bank of the West as a lender and to
increase the maximum available borrowing capacity to $60 million. The
available borrowing capacity may be increased to $100 million and can be
used for borrowings and letters of credit.
“We are pleased to increase our already strong liquidity position
following the Sherritt acquisition,” said Keith E. Alessi,
Westmoreland’s Chief Executive Officer. “We appreciate the strong and
continued support provided to us by The PrivateBank and look forward to
working with Bank of the West.”
As required in connection with the consent received from holders of
outstanding 10.75% Senior Secured Notes to allow Westmoreland to
increase its credit facility, Westmoreland is also disbursing a cash
payment of $1.25 per $1,000 of principal to consenting holders.
About Westmoreland Coal Company
Westmoreland Coal Company is the oldest independent coal company in the
United States. The Company's coal operations include sub-bituminous and
lignite coal mining in the Western United States and Canada. Its power
operations include ownership of the two-unit ROVA coal-fired power plant
in North Carolina. For more information, visit www.westmoreland.com.
Westmoreland Coal Company
Kevin Paprzycki, 855-922-6463
Source: Westmoreland Coal Company