WESTMORELAND COAL COMPANY (NASDAQ:WLB) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
Agreement
an amendment to its existing revolving credit facility (the
Revolver) with The PrivateBank and Trust Company, as agent and as
a lender, and East West Bank, as a lender (“Tenth Amendment”).
The Tenth Amendment adjusted the Company’s fixed charge coverage
ratio calculation within the Revolver by further modifying the
treatment of the accelerated repayment of the loan and lease
receivable arrangement at our Genesee mine from March 24, 2017,
and removing certain testing periods from the U.S. and Canadian
fixed charge coverage ratio calculation so long as the Company
meets certain liquidity requirements.
entirety by reference to the terms of the Tenth Amendment, which
is attached as Exhibit 10.1 to this Current Report on Form 8-K
and incorporated herein by reference.
its financial results for the quarter ended March 31, 2017. A
copy of this press release is attached hereto as Exhibit 99.1 and
is incorporated by reference herein.
Company will host a conference call with investors to discuss the
Company’s financial and operating results for the quarter ended
March 31, 2017. The conference call will be made available to the
public via dial-in and webcast. In connection with the conference
call, the Company published an investor presentation that
included the slides furnished as Exhibit 99.2 to this Current
Report on Form 8-K and incorporated by reference herein. The
slides contained in Exhibit 99.2 are also posted on the
Company’s website at www.westmoreland.com.
8-K and the exhibits attached hereto are being furnished and
shall not be deemed filed for purpose of Section 18 of the
Securities Exchange Act of 1934, as amended, nor shall it be
deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, except as shall be expressly
set forth by specific reference in such filing.
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Exhibit No.
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Description
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10.1
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Tenth Amendment to Second Amended and Restated Loan and
Security Agreement dated May 9, 2017 |
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99.1
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Westmoreland Coal Company Press Release dated May 15,
2017 |
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99.2
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Westmoreland Coal Company Investor Presentation dated May
15, 2017 |
About WESTMORELAND COAL COMPANY (NASDAQ:WLB)
Westmoreland Coal Company is an energy company. The Company operates through six segments: Coal – U.S., Coal – Canada, Coal – Westmoreland Resource Partners, LP (WMLP), Power, Heritage and Corporate. Coal – U.S. segment includes the operations of coal mines located in Montana, North Dakota, Ohio, Texas and New Mexico. Coal – Canada segment includes the operations of coal mines located in Alberta and Saskatchewan. Coal – WMLP segment includes the operations of Westmoreland Resource Partners, LP, a coal master limited partnership. Power segment includes its Roanoke Valley Power Facility (ROVA) operations located in North Carolina. Heritage segment includes the benefits the Company provides to former mining operation employees, as well as other administrative costs associated with providing those benefits and cost containment efforts. Corporate segment consists of corporate administrative expenses. WESTMORELAND COAL COMPANY (NASDAQ:WLB) Recent Trading Information
WESTMORELAND COAL COMPANY (NASDAQ:WLB) closed its last trading session down -1.76 at 8.06 with 184,024 shares trading hands.
