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April 29, 2014
07:20 EDTWLBWestmoreland finalizes Sherritt coal operations acquisition, repays WML notes
Westmoreland Coal has completed the acquisition of Sherritt International's Prairie and Mountain coal mining operations, which include seven producing thermal coal mines in the Canadian provinces of Alberta and Saskatchewan, a 50% interest in an activated carbon plant and a Char production facility. Together with Westmoreland's existing U.S. operations, the acquisition places the firm as North America’s sixth largest coal producer. Concurrent with the closing of the acquisition, the proceeds from the previously announced private offering of $425M in aggregate principal amount of 10.75% Senior Secured Notes were released from escrow. The escrowed funds were to be released upon satisfaction of all conditions precedent to the acquisition, receipt of regulatory approvals and certain other conditions, all of which were satisfied. Such notes were initially issued by Westmoreland Escrow, a subsidiary of Westmoreland, and as a result of the closing of the acquisition, are being automatically exchanged for identical notes issued by Westmoreland and Westmoreland Partners, as co-issuers. The notes were offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended and to buyers outside the U.S. pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act, and until so registered, the notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. As previously announced as part of the Senior Secured Notes offering, Westmoreland Mining, a wholly owned subsidiary of Westmoreland, announced that it has provided prepayment notices to holders of its 8.02% senior secured notes due 2018. Such debt will be prepaid by the end of May and all collateral secured under such debt will become collateral under Westmoreland’s 10.75% Senior Secured Notes. Westmoreland will also terminate WML’s existing $25M credit facility prior to prepaying the WML notes.
News For WLB From The Last 14 Days
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October 17, 2014
16:17 EDTWLBOn The Fly: Closing Wrap
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12:52 EDTWLBOn The Fly: Midday Wrap
Stocks on Wall Street were sharply higher at midday, as the averages bounce back following steep declines in several recent sessions. Better than expected earnings from General Electric (GE) and Morgan Stanley (MS), a rebound in European stock markets and a stronger than expected reading on U.S. consumer confidence may all be contributing to the brightened mood evidenced by today's trading. ECONOMIC EVENTS: In the U.S., housing starts rebounded 6.3% to a 1.017M pace in September, beating expectations for a monthly increase of 4.6%. Building permits increased 1.5% to a 1.018M rate, which was below the expected 2.3% rise. The first release on the University of Michigan's consumer sentiment index for October came in at 86.4, versus expectations for a decline to 84.0 from the prior 84.6 reading. COMPANY NEWS: General Electric shares rose over 3% after the company reported better than expected third quarter profit and nearly in-line revenues. Morgan Stanley, whose quarterly results also topped Street expectations, advanced 2.5%. MAJOR MOVERS: Among the notable gainers was Westmoreland Coal (WLB), which gained 23% after it stuck a deal to acquire Oxford GP, the general partner of Oxford Resource Partners (OXF), and contribute certain royalty bearing coal reserves to Oxford in return for Oxford common units. Afterward, Brean Capital raised its price target on Westmoreland to $60, noting the announcement represents an entry into the MLP space. Also higher were shares of Textron (TXT), which advanced 11% after the aircraft and defense company reported better than expected third quarter earnings per share and raised its profit outlook for fiscal 2014. Among the noteworthy losers was Urban Outfitters (URBN), which dropped 13% and was downgraded by at least three Street research firms after the owner of Anthropologie and its namesake clothing stores warned that its Q3 earnings may be negatively impacted by continued weakness in its comparable retail sales. Also lower was Myriad Genetics (MYGN), which fell 7% after guiding to lower than expected Q1 adjusted earnings, citing a higher than expected increase in costs to perform its myRisk Hereditary Cancer test following the test's national launch. INDEXES: Near midday, the Dow was up 295.34, or 1.83%, to 16,412.58, the Nasdaq was up 62.43, or 1.48%, to 4,279.82, and the S&P 500 was up 29.48, or 1.58%, to 1,892.24.
08:01 EDTWLBWestmoreland price target raised to $60 from $52 at Brean Capital
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October 16, 2014
16:38 EDTWLBWestmoreland to acquire Oxford Resource Partners' general partner
Westmoreland Coal (WLB,) will acquire Oxford GP, the general partner of Oxford Resource Partners (OXF), and contribute certain royalty bearing coal reserves to Oxford in return for Oxford common units. The cash purchase price for these interests is $30.0M plus an additional $3.5M if a specified coal acquisition is consummated within one year of the date of the purchase agreement. It is believed that Oxford will be able to resume quarterly distributions at 20c per common unit post-reverse split and has secured a commitment to refinance its existing credit facilities on better terms. Following these transactions, Oxford will continue to operate as a stand-alone, publicly-traded master limited partnership and Westmoreland will own 77% of the fully-diluted limited partner interests in Oxford. It is anticipated that the transactions will be completed during Q4. In connection with the transactions, there will be a one-time special distribution to the common unitholders.
October 14, 2014
07:41 EDTWLBWestmoreland compelling valuation grossly misunderstood, says Brean Capital
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