WESTMORELAND COAL COMPANY (NASDAQ:WLB) Files An 8-K Termination of a Material Definitive AgreementItem 1.02.Termination of a Material Definitive Agreement.
On May 21, 2018, in connection with certain financing transactions of Westmoreland Coal Company (the “Company”) (as described in Item 1.01 of our Form 8-K filed with the Securities and Exchange Commission on May 23, 2018), the Company repaid in full all of its outstanding obligations and terminated the Company’s Second Amended and Restated Loan and Security Agreement, dated as of December 16, 2014, among Westmoreland Coal Company, as borrower, the lenders party thereto and the CIBC Bank USA (f/k/a PrivateBank and Trust Company), as administrative agent (“Revolving Loan Agreement”). The Revolving Loan Agreement was to mature on December 31, 2018. The Company paid an early termination fee of one-half of one percent (0.50%) of the aggregate maximum loan amount under the Revolving Loan Agreement.
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.