Westmoreland Prices $425 Mln Offering Of Add-On 10.75% Senior Secured Notes

(RTTNews) - Westmoreland Coal Company (WLB) announced that it has priced a private offering of $425 million principal amount of Add-On 10.75% Senior Secured Notes due 2018 at a price of 106.875% plus accrued interest from February 1, 2014.

The company said it increased the size of the offering from the previously announced $400 million.

Westmoreland said it intends to use the proceeds from the notes offering to pay the purchase price and related expenses for Westmoreland's previously announced acquisition of the coal mining operations of Sherritt International Corporation, to prepay the outstanding senior secured notes issued by its subsidiary, Westmoreland Mining, LLC and for working capital.