Westlake Chemical Announces Optional Redemption of $450 Million of Senior Notes
HOUSTON--(BUSINESS WIRE)--Mar. 19, 2018-- Westlake Chemical Corporation (NYSE: WLK) (“Westlake”) today announced that notices of redemption have been delivered for the optional redemption of all of the outstanding Westlake 4.875% Senior Notes due 2023 ($433,793,000 aggregate principal amount) and all of the outstanding Axiall Corporation 4.875% Senior Notes due 2023 ($16,207,000 aggregate principal amount) (collectively, the “2023 Notes”). The 2023 Notes will be optionally redeemed on May 15, 2018 at a redemption price equal to 102.438% of the principal amount of 2023 Notes plus accrued and unpaid interest on the 2023 Notes to the redemption date. Westlake will use cash on hand and, if necessary, borrowings under its revolving credit facility to fund the redemption price for the 2023 Notes. The redemption of the 2023 Notes is being made in accordance with the terms of the indentures governing the 2023 Notes.
This news release does not constitute a notice of redemption under the optional redemption provisions of the indentures governing the 2023 Notes, nor does it constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston. 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 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 Westlake’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and in its other filings with the Securities and Exchange Commission. 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 otherwise.
Source: Westlake Chemical Corporation
Westlake Chemical Corp.
Ben Ederington, 1-713-960-9111
Steve Bender, 1-713-960-9111