02.01.2015 16:13:02
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Westmoreland Completes Oxford Transactions, Buckingham Coal Acquisition
(RTTNews) - Westmoreland Coal Co. (WLB), Oxford Resource Partners, LP (OXF), and Oxford Resources GP, LLC, the general partner of Oxford Resource Partners, announced the completion of Westmoreland's acquisition of the general partner or GP.
In addition, Westmoreland contributed certain royalty-bearing coal reserves to Oxford Resources or the MLP, in return for MLP common units, as well as completed the acquisition of Buckingham Coal Company, LLC.
The MLP will continue to operate as a stand-alone, publicly traded master limited partnership, with Westmoreland owning 77 percent of the fully diluted limited partner interests.
Westmoreland said it paid a total of $30 million in cash to acquire the GP, and also received 4.51 million common units of the MLP on a post-split basis following the previously disclosed 12-to-1 reverse split of the MLP's common and general partner units, as consideration for the contribution.
In connection with the closing, the MLP's name was changed to Westmoreland Resource Partners, LP, while the name of the GP was changed to Westmoreland Resources GP, LLC. The common units of Westmoreland Resource Partners LP will trade on the NYSE under the symbol "WMLP".
On January 1, 2015, Westmoreland also completed its acquisition of Buckingham Coal Company, LLC, an Ohio-based coal supplier, for $34 million in cash, subject to customary post-closing adjustments.
Separately, an affiliate of Westmoreland entered into a five-year coal supply agreement with AEP Generation Resources Inc., which includes an obligation to purchase a minimum of 5.5 million tons of coal.
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