Firm Will Refinance Nearly All Its Debt ; Planned Stock Offering Put On Back Burner

Summary

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Westmoreland Coal Co. has put a planned stock offering on the back burner and instead is refinancing almost all of its nearly $290 million in debt.

The Colorado Springsbased energy company said Tuesday that it has agreed to refinance $174.3 million in debt on its North Carolina power plant and has hired a financial adviser and placement agent to help it refinance $104.3 million in debt on its coal mines.

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Firm Will Refinance Nearly All Its Debt ; Planned Stock Offering Put On Back Burner

Since shareholders approved the planned stock offering in August, "there have been some significant changes in our business," which include bu...

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