This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Westmoreland Enters Into Revolving Credit Facility And Secures Amendments To Note Purchase And Credit Agreement

Stocks in this article: WLB

Westmoreland Coal Company (NasdaqGM:WLB) today announced that it has entered into a five-year, $20.0 million revolving credit facility with The PrivateBank and Trust Company as contemplated and allowed for under the provisions of the indenture governing its outstanding 10.750% Senior Secured Notes due 2018.

The company also announced that Westmoreland Mining, LLC (“WML”), its wholly owned subsidiary, has successfully amended its existing Note Purchase Agreement dated June 26, 2008 and its Amended and Restated Credit Agreement dated June 26, 2008. The amendments, which are mirrored in both documents, modify the pension funding requirement and amend the leverage and debt service coverage ratios, providing the company with increased flexibility.

“We took the current favorable interest rate environment as an opportunity to enter into a long term revolving credit facility,” said Keith E. Alessi, Westmoreland’s Chief Executive Officer. “While we have no immediate plans to draw upon the facility, it will provide us with increased financial flexibility and liquidity. The amendments to the WML agreements adjust our ratios and funding requirements to more closely reflect the quarterly fluctuations in our business and the impact of the current low interest rate environment on pension valuations. Westmoreland is fortunate to be in a highly liquid position and have financial flexibility. We appreciate the continuing support of our lenders and look forward to working with The PrivateBank.”

About Westmoreland Coal Company

Westmoreland Coal Company is the oldest independent coal company in the United States. The Company’s coal operations include coal mining in the Powder River Basin in Montana, sub-bituminous mining in Wyoming, and lignite mining operations in Montana, North Dakota and Texas. Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina. For more information, visit www.westmoreland.com.

About The PrivateBank

The PrivateBank delivers customized business and personal financial services to middle-market companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities we serve. The PrivateBank is part of PrivateBancorp, Inc., which, as of March 31, 2012, had 34 offices in 9 states and $12.6 billion in assets. Our website is www.theprivatebank.com.



1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs