-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, rfnKeNQmQrjGKurYMytKl4lAiuJyr5W9XzuzskvT/uYL0ik6iMFcx4p3LQ+e9fdx 4toQRXuE4ln22brMhXKv0Q== 0000106455-94-000013.txt : 19940920 0000106455-94-000013.hdr.sgml : 19940920 ACCESSION NUMBER: 0000106455-94-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940912 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940912 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTMORELAND COAL CO CENTRAL INDEX KEY: 0000106455 STANDARD INDUSTRIAL CLASSIFICATION: 1220 IRS NUMBER: 231128670 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11155 FILM NUMBER: 94548728 BUSINESS ADDRESS: STREET 1: 700 THE BELLEVUE STREET 2: 200 S BROAD ST CITY: PHILADELPHIA STATE: PA ZIP: 19102 BUSINESS PHONE: 2155452500 MAIL ADDRESS: STREET 1: 700 THE BELLEVUE STREET 2: 200 S. BROAD STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102 8-K 1 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 EX-99 2 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." -----END PRIVACY-ENHANCED MESSAGE-----