Key Developments: Westmoreland Coal Co (WLB.OQ)

WLB.OQ on NASDAQ Stock Exchange Global Market

25 Nov 2014
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Latest Key Developments (Source: Significant Developments)

Westmoreland and FMC Corp ink long-term coal supply agreement extension
Wednesday, 5 Nov 2014 10:00am EST 

Westmoreland Coal co:Signs a long-term supply agreement with FMC Corp from the Kemmerer Mine for FMC's Westvaco and Granger operations.New agreement replaces two existing contracts that were set to terminate in 2016 and 2021.Agreements extend the contracts through 2026.  Full Article

Westmoreland Coal Company enters MLP Space
Thursday, 16 Oct 2014 04:32pm EDT 

Westmoreland Coal Company:Acquires Oxford GP and contribute certain royalty bearing coal reserves to Oxford in return for Oxford common units.Enters into a purchase agreement with AIM Oxford Holdings, LLC (AIM), C&T Coal, Inc. (C&T), certain present and former executives, and affiliates of Oxford's existing second lien term loan lenders (such parties, Warrantholders).Under the purchase agreement, Westmoreland will acquire 100 pct of the outstanding units of Oxford GP, the general partner of Oxford.Acquires from AIM, C&T and such executives, 100 pct of outstanding GP unit warrants from the Warrantholders, 100 pct of the outstanding subordinated units of Oxford from AIM and C&T, and 100% of the outstanding subordinated unit warrants of Oxford from the Warrantholders.Says cash purchase price for these interests is $30.0 mln, plus an additional $3.5 mln if a specified coal acquisition is consummated within one year of the date of the purchase agreement.Following these transactions, Oxford will continue to operate as a stand-alone, publicly-traded master limited partnership (MLP) and Westmoreland will own 77 pct of the fully-diluted limited partner interests in Oxford.Says As part of the transactions, the parties will take the necessary steps to change the name of Oxford to Westmoreland Resource Partners, LP (Westmoreland LP) and to change the name of Oxford GP to Westmoreland Resources GP, LLC.  Full Article

Westmoreland announces closing of exchange offer for 10.75 pct senior secured notes due 2018
Monday, 29 Sep 2014 05:10pm EDT 

Westmoreland Coal Co:Closes its offer to exchange up to $424 mln of its 10.75 pct senior secured notes due 2018.Says for up to $424 mln of its outstanding 10.75 pct senior secured notes due 2018 that were issued in a private placement on April 28.  Full Article

Westmoreland and Tata Chemicals sign extension of long-term coal supply agreement
Monday, 29 Sep 2014 10:16am EDT 

Westmoreland Coal Co:Say through its subsidiary Westmoreland Kemmerer, Inc., announces signing of long-term coal supply agreement with Tata Chemicals North America Inc. in order to supply coal from Kemmerer Mine.Says new agreement replaces existing contract which was set to terminate in 2016.Says agreement extends contract through 2026.  Full Article

Westmoreland Coal Co reaffirms FY 2014 EBITDA outlook; lowers Q3 2014 EBITDA guidance
Friday, 26 Sep 2014 05:17pm EDT 

Westmoreland Coal Co:Affirms guidance for FY 2014, which was $172 to $190 million.Updates guidance for Q3 2014 EBITDA to a range of $40 to $45 million, compared to previously issued Q3 2014 guidance of $55 to $60 million.FY 2014 EBITDA of $190 million - Thomson Reuters I/B/E/S.Q3 2014 EBITDA of $53 million - Thomson Reuters I/B/E/S.  Full Article

Westmoreland Coal Co declares dividend on preferred stock
Monday, 8 Sep 2014 09:50am EDT 

Westmoreland Coal Co:Declares dividend of $.53125 per depositary share.Payable on Oct. 01 to holders of record as of Sept. 20.  Full Article

Westmoreland Canadian subsidiary announces monetization of port agreement and new supply chain collaboration at coal valley mine
Friday, 8 Aug 2014 10:15am EDT 

Westmoreland Coal Co:Entered into several agreements that will result in all of its Coal Valley Mine export tonnage being shipped through Ridley Terminals located in Prince Rupert, British Columbia, Canada, beginning Jan. 2015.CVRI voluntarily entered into a Termination Agreement with Westshore Terminals, located in Roberts Bank, British Columbia, Canada, to terminate its throughput capacity at Westshore effective as of Dec. 31, 2014.Under a separate, but related agreement, Cloud Peak Energy Inc paid $37 million to CVRI in order to obtain CVRI's capacity at the fully utilized Westshore Terminals.  Full Article

Westmoreland Coal Co's Estevan Mine inks long-term coal supply agreement
Tuesday, 29 Jul 2014 07:00am EDT 

Westmoreland Coal Co:Entered into a long-term coal supply agreement with Saskatchewan Power Corporation to supply coal from the Estevan Mine.Agreement results in a commitment of over 60 million tons of coal from Estevan through 2024.  Full Article

Westmoreland Coal Co reaffirms FY 2014 EBITDA outlook
Friday, 25 Jul 2014 07:00am EDT 

Westmoreland Coal Co:Reaffirms recently increased guidance for FY 2014 of an adjusted EBITDA range of $172 -$190 mln.  Full Article

Westmoreland Coal Co announces pricing of common stock offering
Thursday, 10 Jul 2014 11:59pm EDT 

Westmoreland Coal Co:Announces that it priced its previously announced underwritten public offering of 1,464,789 shares of common stock at $35.50 per share.Offering is expected to close on July 16 subject to customary closing conditions.Says it also granted the underwriters 30-day option to purchase up to 219,718 additional shares of common stock.Intends to use net proceeds from this offering, including the net proceeds from any exercise of the underwriters' option to purchase additional shares, for general corporate purposes and to increase its overall financial flexibility in order to pursue its organic and acquisition growth strategy.BMO Capital Markets and Deutsche Bank Securities acted as joint book-running managers and Brean Capital and Imperial Capital acted as co-managers for the offering.  Full Article

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