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. 4 to the Financing Agreement
On May 15, 2018, Westmoreland Resource Partners, LP (the “Partnership”), its subsidiary, Oxford Mining Company, LLC, as borrower, and the guarantors party thereto (collectively, the "Loan Parties"), U.S. Bank National Association, as administrative agent and collateral agent (together, the “Agents”), and the lenders party thereto entered into Waiver and Amendment No. 4 (the “Waiver”) to the Financing Agreement dated December 13, 2014, among the Loan Parties, the Agents, and the lenders party thereto (as amended, the “Financing Agreement”). to the Waiver, the Agents, the lenders and the Loan Parties agreed, among certain other affirmative covenants, to extend the waiver of any actual or potential Default of Event of Default that arose or may have arisen, in each case, solely as a result or in connection with the Loan Parties’ failure under Section 7.01(a)(iii) of the Financing Agreement to deliver to each Agent and each Lender an unqualified audit opinion in connection with the audited financial statements for the Fiscal Year of the Partnership and its Subsidiaries ending December 31, 2017, until the earliest of (i) 11:59 pm New York time June 15, 2018, (ii) the occurrence of any event of default not waived to the Waiver or (iii) an insolvency proceeding of Westmoreland Coal Company.
The foregoing description of the Waiver is qualified in its entirety by reference to the terms of the Waiver, which will be filed with the Securities and Exchange Commission as required.
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.