SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 9,
1994
Westmoreland Coal Company
(Exact name of registrant as specified in its charter)
Delaware 0-752 23-1128670
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
No.)
incorporation)
700 The Bellevue, 200 South Broad Street
Philadelphia, Pennsylvania 19102
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (215) 545-2500
Item 5. Other Events.
On September 9, 1994, Westmoreland Coal Company announced that
lenders associated with Westmoreland's three principal credit
facilities have agreed to extend maturity dates for the repayment
of these facilities to November 1, 1994.
A press release describing the transaction is attached as an
exhibit and incorporated herein by reference.
Item 7. Exhibits.
Press release dated September 9, 1994.
EXHIBIT INDEX
Sequentially
Exhibit Description of Exhibit Numbered
Number Page
1 Press release dated September 9, 1994. 4
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
WESTMORELAND COAL COMPANY
Date: September 12, 1994 By:
Theodore E. Worcester
Senior Vice President
Westmoreland and its Lenders
Extend Debt Maturities
Philadelphia, PA --September 9, 1994 -- Westmoreland Coal
Company (NYSE:WCX) today announced that lenders associated with
Westmoreland's three principal credit facilities have agreed to
extend maturity dates for the repayment of these facilities to
November 1, 1994 in recognition of the previously announced sale
of the assets of Kentucky Criterion Coal Company to CONSOL of
Kentucky, Inc., a member of the CONSOL coal group. The
agreement also provides for pre-payment from proceeds of any
other asset sales.
The three principal credit facilities have an aggregate balance
of $44,385,000 as of today. They are summarized as follows:
1. A Revolving Credit Agreement with a total commitment and
outstanding balance of $8,000,000.
2. 10% Senior Notes with an outstanding balance of $11,325,000.
3. The Reimbursement Obligation with an outstanding balance of
$25,060,000 as a result of an original draw of $26,560,000
on June 9, 1994 under a letter of credit issued by a group
of banks in connection with Westmoreland's interest in the
Dominion Terminal Associates coal export terminal.
It is anticipated that these credit facilities will be fully
paid from the proceeds of the sale of the Kentucky Criterion
assets for $85 million. This sale is expected to close prior to
November 1, 1994.
Christopher K. Seglem, Westmoreland's President and Chief
Executive Officer said "This achieves one of the principal goals
we set in our effort to turn Westmoreland around. Negotiations
with our lenders have been long and difficult but we are pleased
that this agreement has not been reached. Resolving this issue
of debt repayment with our principal lenders is a major step
forward in the implementation of Westmoreland's repositioning
and growth strategy to achieve meaningful and sustainable long
term profitability."
