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Westmoreland Coal boosts stake in MLP following tender offer

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Westmoreland Coal boosts stake in MLP following tender offer

Westmoreland Coal Co. on March 14 said its subsidiary Westmoreland Coal Co. Asset Corp. accepted for purchase 182,448 Westmoreland Resource Partners LP common units in a tender offer, as of the expiration date of March 13.

As a result of the tender offer, Westmoreland will hold 14.2% of Westmoreland Resource Partners' outstanding common units. Including equity securities of Westmoreland Resource Partners that are convertible to common units, Westmoreland now holds a 95.2% beneficial limited partner interest in Westmoreland Resource Partners on a converted basis.

Westmoreland, which is in the midst of a bankruptcy liquidation, owns the general partner of and a majority interest in its coal master limited partnership Westmoreland Resource Partners.