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WLB > SEC Filings for WLB > Form 8-K on 31-May-2013All Recent SEC Filings

Show all filings for WESTMORELAND COAL CO | Request a Trial to NEW EDGAR Online Pro



Entry into a Material Definitive Agreement, Financial Statements and Exhibit

Item 1.01. Entry into a Material Definitive Agreement.

On May 30, 2013, Westmoreland Resources, Inc., or WRI, a subsidiary of Westmoreland Coal Company, amended certain documents pertaining to a series of transactions that were originally entered into in October 2008 in order to enable WRI to take advantage of available tax credits (the Indian Coal Production Tax Credits, or Credits) which it had not been able to fully utilize. The Credits are provided under Section 45(e) of the Internal Revenue Code to producers of Indian coal from facilities placed in-service by January 1, 2009, if such coal is sold to unrelated parties. WRI's Absaloka Mine operates under a coal mineral lease with the Crow Tribe of Indians in Montana. To more fully realize the value of the Credits, Absaloka Coal, LLC, a subsidiary of WRI, sold a membership interest to a large East Coast financial institution, or Investor.

WRI, various affiliated entities and the Investor entered into an amendment to the Contract Mining Agreement, the Fixed Payment Note, the Sublease with the Crow Tribe of Indians, and the Sales Agency Agreement. The purpose of the amendments was to modify the contract mining fee mark up and the contingency adjustment, to change the per ton amount that Absaloka Coal, LLC pays Westmoreland Coal Sales Company and to extend the term of the transactions with the Investor to December 31, 2013.

A copy of the amended form of Fixed Payment is attached hereto as Exhibit 10.1 and is incorporated by reference herein. The foregoing description of this agreement in this Current Report on Form 8-K does not purport to be complete and is qualified in its entirety by the Exhibit attached hereto.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description

10.1 First Amendment to Fixed Payment Note

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