Westmoreland Resource Partners (WMLP) Closes Exchange Agreement w/ Westmoreland Coal (WLB); Declares Qtr. Distribution
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Westmoreland Resource Partners, LP (NYSE: WMLP) announced the close of a unit exchange agreement with Westmoreland Coal Company and a quarterly distribution reduction. These actions are primarily designed to preserve Westmoreland Resource Partners’ ability to continue to make cash distributions to public unit holders.
Westmoreland Coal Company, the controlling unit holder of Westmoreland Resource Partners, has exchanged 4,512,500 common units for an equal amount of new Series B units that do not have rights to distributions.
The Board of Directors of Westmoreland Resources GP, LLC, general partner of Westmoreland Resource Partners, declared a cash distribution for all unit holders and warrant holders of $0.1333 per unit for its third quarter ended September 30, 2016. The Board elected to distribute at the minimum quarterly distribution level, a reduction of 33% from its previous distribution. Additionally, the Board declared a distribution of Series A Convertible units to be issued in lieu of a $0.1333 cash distribution to holders of Series A Convertible units. The distribution will be paid on November 14, 2016 to all unit holders and warrant holders of record as of the close of business on November 7, 2016.
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