Westmoreland begins tender offer for up to $22.13 million 10¾% notes

By Angela McDaniels

Tacoma, Wash., May 7 - Westmoreland Coal Co. is offering to purchase up to $22,125,000 principal amount of its 10¾% senior secured notes due 2018, according to a company news release.

The offer will expire at 5 p.m. ET on May 29.

The offer price is par plus accrued interest up to the date and time the offer is consummated, which is expected to be 5 p.m. ET on June 3.

Westmoreland said it is required by the terms of the indenture governing the notes to make this offer because it achieved certain financial results for the year ended Dec. 31.

If less than $22,125,000 of notes are tendered, Westmoreland may use the remaining amount for general corporate purposes.

If the amount of notes tendered exceeds $22,125,000, notes will be selected for purchase on a pro rata basis so that only notes in denominations of $2,000, or integral multiples of $1,000 in excess thereof, will be purchased.

Westmoreland is a coal company based in Englewood, Colo.

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