HOUSTON--(BUSINESS WIRE)--Nov. 29, 2017--
Westlake Chemical Corporation (NYSE: WLK) (“Westlake”) today announced
that it has closed its previously announced underwritten public offering
of $500 million aggregate principal amount of 4.375% Senior Notes due
2047 (the “Notes”) and the remarketing of $250 million aggregate
principal amount of the 3.50% Louisiana Local Government Environmental
Facilities and Community Development Authority Revenue Refunding Bonds
(Westlake Chemical Corporation Projects), Series 2017 (GO Zone)(Non-AMT)
(the “Refunding Bonds”). Westlake issued $250 million aggregate
principal amount of its 3.50% Senior Notes due 2032 to collateralize its
obligations under the loan agreement relating to the Refunding Bonds.
Westlake intends to use the net proceeds from the offering of the Notes
and the remarketing of the Refunding Bonds, together with the proceeds
from borrowings under its revolving credit facility and cash on hand, to
redeem $1.138 billion aggregate principal amount of Westlake’s and
certain wholly owned subsidiaries’ 4.625% senior notes due 2021 and
4.875% senior notes due 2023 on or after the call dates of February 15,
2018, and May 15, 2018, respectively. Westlake has not called these
senior notes for redemption and this press release is not a notice of
redemption of or an offer to purchase any of these senior notes.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank
Securities Inc., Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC
acted as book-running managers for the offering of the Notes. J.P.
Morgan Securities LLC acted as senior book-running manager and RBC
Capital Markets, LLC acted as co-senior manager for the remarketing of
the Refunding Bonds.
Westlake Chemical Corporation is an international manufacturer and
supplier of petrochemicals, polymers and building products with
headquarters in Houston, Texas. The company’s range of products
includes: ethylene, polyethylene, styrene, propylene, chlor-alkali and
derivative products, PVC suspension and specialty resins, PVC Compounds,
and PVC building products including siding, pipe, fittings and specialty
components, windows, fence, deck and film.
The statements in this release that are not historical facts, such as
statements regarding the potential redemption of the 4.625% senior notes
due 2021 and 4.875% senior notes due 2023 are forward-looking statements
that are based on current expectations. Although Westlake believes that
its expectations are based on reasonable assumptions, it can give no
assurance that these expectations will prove correct. Important factors
that could cause actual results to differ materially from those in the
forward-looking statements include results of operations, market
conditions, capital needs and uses and other risks and uncertainties
that are beyond Westlake’s control, including those described in the
prospectus, Westlake’s Form 10-K for the fiscal year ended December 31,
2016 and in its other filings with the SEC. Forward-looking statements,
like all statements in this press release, speak only as of the date of
this press release (unless another date is indicated). Westlake does not
undertake any obligation to publicly update any forward-looking
statements, whether as a result of new information, future events, or
Westlake may not consummate the redemptions of the 4.625% senior notes
due 2021 and 4.875% senior notes due 2023, which are subject to market
conditions and other factors, and the closing of the offering of the
Notes and the remarketing of the Refunding Bonds were not conditioned
upon the consummation of the redemption of these senior notes.
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Source: Westlake Chemical Corporation
Westlake Chemical Corp.