Westmoreland subsidiary to prepay 8.02% secured notes due 2018 in May

By Jennifer Chiou

New York, April 29 - Westmoreland Coal Co. subsidiary Westmoreland Mining LLC announced that it provided prepayment notices to holders of its 8.02% senior secured notes due 2018.

The company said that it will prepay the notes by the end of May as part of its previously announced private offering of $425 million aggregate principal amount of 10¾% senior secured notes.

Westmoreland Coal also said it will terminate Westmoreland Mining's $25 million credit facility prior to prepaying the 8.02% notes.

The company completed the acquisition of Sherritt International Corp.'s prairie and mountain coal mining operations, according to a press release.

The release added that all collateral secured under the 8.02% notes will become collateral under Westmoreland's 10¾% notes.

The coal company is based in Englewood, Colo.

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