Kramer Levin Advises First–Lien Lenders and Bondholders of Westmoreland Coal

Category: Defining Matters
Date: May 23, 2018
Title: Kramer Levin Advises First–Lien Lenders and Bondholders of Westmoreland Coal

Kramer Levin is serving as counsel to an ad hoc group of first lien lenders and bondholders of Westmoreland Coal Co., the sixth largest North American coal producer. On May 21, 2018, Westmoreland entered into a new credit agreement with its existing lenders for $110 million (provided by approximately 79% of the existing first-lien lenders and approximately 79% of existing bondholders). The new term loan is secured by a first lien on substantially all of the company’s U.S. and Canadian assets. The financing is expected to provide Westmoreland with additional liquidity and will be used to repay the existing San Juan term loan and the existing asset-based revolvers.