Westmoreland Announces Commencement of Exchange Offer for 10.75% Senior Secured Notes due 2018
Westmoreland Coal Company (Nasdaq: WLB) today announced that it has commenced an offer to exchange $125,000,000 aggregate principal amount of its 10.75% Senior Secured Notes due 2018 that were issued in a private placement on January 31, 2012 (the “Original Notes”) for an equal principal amount of its 10.75% Senior Secured Notes due 2018 that have been registered under the Securities Act of 1933, as amended (the “Exchange Notes”).
The exchange offer is being made to satisfy Westmoreland's obligations under a registration rights agreement entered into on January 31, 2012 in connection with the issuance of the Original Notes, and does not represent a new financing transaction. The Company will not receive any proceeds from the exchange offer.
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