WESTMORELAND RESOURCE PARTNERS, LP (NYSE:WMLP) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
Waiver and Amendment No. 3 to the Financing Agreement
On March 1, 2018, Westmoreland Resource Partners, LP (the “Partnership”), its subsidiary, Oxford Mining Company, LLC, as borrower, and certain subsidiary guarantors (collectively, the "Loan Parties") entered into a Waiver and Amendment No. 3 (the “Waiver”) with respect to the Partnership’s Financing Agreement dated December 13, 2014, as amended, with U.S. Bank, National Association, as administrative agent, and the lenders party thereto (the “Financing Agreement”). to the Waiver, the lenders agreed to waive any actual or potential default arising out of the Loan Parties' failure to (i) have certain cash management accounts subject to cash management agreements and (ii) deliver an unqualified audit opinion in connection with the audited financial statements of the Loan Parties for fiscal year ended December 31, 2017. The Waiver terminates upon the earliest of (i) 11:59 pm New York time May 15, 2018, (ii) the occurrence of any default not waived to the Waiver.
The foregoing description of the Waiver is qualified in its entirety by reference to the terms of the Waiver, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 1.01. Financial Statements and Exhibits
(d)Exhibits
|
ExhibitNo. |
Description |
|
Waiver and Amendment No. 3 to Financing Agreement dated as of March 1, 2018, by and among Oxford Mining Company, LLC, Westmoreland Resource Partners, LP and each of its other subsidiaries, the lenders party thereto and U.S. Bank National Association |
Westmoreland Resource Partners, LP ExhibitEX-10.1 2 exh10-1_wmlp8k030718.htm EXHIBIT 10.1 Exhibit EXHIBIT 10.1Execution VersionWAIVER AND AMENDMENT NO. 3 TO FINANCING AGREEMENTThis WAIVER AND AMENDMENT NO. 3 TO FINANCING AGREEMENT (this “Waiver and Amendment”) is dated as of March 1,…To view the full exhibit click here
About WESTMORELAND RESOURCE PARTNERS, LP (NYSE:WMLP)
Westmoreland Resource Partners, LP, formerly Oxford Resource Partners, LP, is a producer and marketer of thermal coal to the United States utilities and industrial users, and a producer of surface mined coal in Ohio. The Company markets coal to electric utilities with coal-fired, base-load scrubbed power plants under long-term coal sales contracts. Its reserves and operations serve its market area of the Midwest, Northeast and Rocky Mountain regions of the United States. The Company operates approximately 20 active surface mines and manages these mines as mining complexes located in eastern Ohio and Wyoming. The Company’s Ohio mining facilities include approximately two preparation plants, both of which receive, wash, blend, process and ship coal produced from its mines. The Company’s operating subsidiaries include Oxford Mining Company, LLC, Oxford Mining Company-Kentucky, LLC, Westmoreland Kemmerer, LLC, Westmoreland Kemmerer Fee Coal Holdings, LLC and Harrison Resources, LLC.
