Westmoreland closes on private offering, deal to purchase Sherritt near completion

摘要

Westmoreland Coal said it has closed on the previously announced private offering of $425 million in aggregate principal amount of 10.75% Senior Secured Notes. The company said the proceeds from the offering will be used primarily to pay the purchase price and related expenses for Westmoreland's acquisition of Sherritt International Corporation's coal mining operations, to prepay the outstanding senior secured notes issued by a subsidiary, and for working capital.