Simpson Thacher Represents Banks in Acquisition Financing for Westmoreland Coal Company
12.24.13
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The Firm recently represented Bank of Montreal and Deutsche Bank in connection with $325 million of acquisition financing for Westmoreland Coal Company’s (“Westmoreland”) announced acquisition of, among other things, the Prairie and Mountain coal mining operations of Sherritt International Corporation (“Sherritt”) for approximately $435 million
Westmoreland is the oldest independent coal company in the United States. Westmoreland’s coal operations include sub-bituminous coal mining in the Powder River Basin in Montana and Wyoming, and lignite mining operations in Montana, North Dakota and Texas. The Prairie operations of Sherritt consist of six operating surface mines located within the Canadian provinces of Alberta and Saskatchewan and control of certain mining rights. The Mountain operations of Sherritt consist of one operating surface mine, located in Alberta. Closing of the acquisition is expected to be completed during the first quarter of 2014 and is subject to customary conditions, including the receipt of relevant regulatory approvals, including Investment Canada Act and Competition Act approval.
The Simpson Thacher team included Rhett Brandon, Roxane Reardon, Justin Cooke, Xavier Kowalski, Katerina Kousoula and Tony Rim (Capital Markets); Justin Lungstrum and Mike Vernace (Credit); Adam Wells (Tax); and George Wang (OFAC).