The United States Bankruptcy Court for the Southern District of Texas, Houston Division approved the going-concern sale of Westmoreland Coal’s assets pursuant to its Chapter 11 plan.
Westmoreland Coal successfully added East West Bank as a 50% participant in its parent level revolving credit line in place of Bank of the West.
Westmoreland Coal successfully modified certain terms of its revolving credit line as part of its regular business update with its banking partners, The PrivateBank and Bank of the West.
Westmoreland Coal completed the acquisition of the San Juan Mine for a purchase price of approximately $127 million. NM Capital Utility Corporation provided a $125 million structured loan to complete the transaction.
Westmoreland Coal amended its term loan with the Bank of Montreal, as administrative agent, to increase Westmoreland’s term loan by $75 million, for an aggregate principal term loan amount of $425 million.