The PrivateBank Increases the Westmoreland Revolver to $60MM
In connection with its acquisition of Sherritt International’s coal mining operations, Westmoreland Coal Company announced an increase in its revolving line of credit.
Westmoreland amended its existing revolving credit facility with The PrivateBank and Trust Company to add Bank of the West as a lender and to increase the maximum available borrowing capacity to $60 million. The available borrowing capacity may be increased to $100 million and can be used for borrowings and letters of credit.
“We are pleased to increase our already strong liquidity position following the Sherritt acquisition,” said Keith E. Alessi, Westmoreland’s CEO. “We appreciate the strong and continued support provided to us by The PrivateBank and look forward to working with Bank of the West.”
As required in connection with the consent received from holders of outstanding 10.75% senior secured notes to allow Westmoreland to increase its credit facility, Westmoreland is also disbursing a cash payment of $1.25 per $1,000 of principal to consenting holders.
Westmoreland Coal Company is the oldest independent coal company in the United States.