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8-K - FORM 8-K - WESTMORELAND COAL Co | c11407e8vk.htm |
Exhibit 99.1
Westmoreland Launches Senior Secured Note Offering
Colorado Springs, CO January 25, 2011 Westmoreland Coal Company and certain subsidiaries (
Westmoreland) today announced that it intends to offer $150.0 million of Senior Secured Notes due
2018 (the Notes) in a private placement. The net proceeds from the offering of the Notes are
expected to be used to pay all accrued and unpaid dividends on the Companys Series A preferred
stock, to repay certain indebtedness, to retire approximately $2.7 million of the outstanding
principal owed on the senior secured convertible notes (with the remaining principal balance of the
senior secured notes to be converted to common stock at closing) and for general corporate
purposes.
The Notes will be sold only to qualified institutional buyers in the United States in reliance on
Rule 144A under the Securities Act of 1933, and outside the United States to non-U.S. persons in
reliance on Regulation S under the Securities Act. The proposed issuance of the Notes will not be
registered under the Securities Act, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy,
any securities, nor shall there be any sale of securities mentioned in this press release in any
state in which such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
Forward-Looking Information
This press release contains forward-looking statements. Forward-looking statements reflect
current expectations and projections about future events, and thus involve uncertainty and risk.
It is possible that future events, including whether the offering is completed on the terms
specified or at all, may differ from expectations due to a variety of risks and other factors such
as market conditions. It is not possible to foresee or identify all such factors. Any
forward-looking statements in this press release are based on certain assumptions and analyses made
in light of Westmorelands experience and perception of historical trends, current conditions,
expected future developments, and other factors it believes are appropriate in the circumstances.
Forward-looking statements are not a guarantee of future performance and actual results or
developments may differ materially from expectations. Westmoreland does not intend to update any
particular forward-looking statements contained in this press release.
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Contact: Kevin Paprzycki (719) 442-2600
Contact: Kevin Paprzycki (719) 442-2600