Westlake Chemical Announces Pricing of Initial Public Offering of Stock
HOUSTON, Aug. 10 /PRNewswire-FirstCall/ -- Westlake Chemical Corporation today announced that the price of its initial public offering of 11.8 million shares of its common stock has been set at $14.50 per share. The shares will be listed on the New York Stock Exchange under the symbol "WLK" and will begin trading on August 11, 2004.
All of the shares are being offered by Westlake Chemical Corporation, and are expected to provide net proceeds of $159.1 million, which will be used to redeem $133 million principal amount of the company's 8-3/4% Senior Notes due 2011 and to repay other debt.
In addition, Westlake Chemical has granted the underwriters a 30-day option to purchase up to an additional 1.8 million shares of its common stock to cover over-allotments, if any.
Credit Suisse First Boston, JPMorgan and Deutsche Bank Securities are serving as co-managers of this offering.
Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and fabricated products with headquarters in Houston, Texas. The company's range of products includes ethylene, polyethylene, styrene, vinyl intermediates, PVC and PVC pipe and PVC windows, fence and deck components. Web site: http://www.westlakechemical.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Westlake Chemical, nor shall there be any sales of any such securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Copies of the prospectus relating to this offering may be obtained by writing to or telephoning the underwriters: Credit Suisse First Boston LLC, Prospectus Department, One Madison Avenue, New York, NY 10010, tel. 212-325-2580; J.P. Morgan Securities Inc., Prospectus Department, One Chase Manhattan Plaza, Floor 5B, New York, NY 10081, tel. 212-552-5164; or Deutsche Bank Securities Inc., c/o Prospectus Department, 1251 Avenue of the Americas, 25th Floor, New York, NY 10020, tel. 212-474-8372.
SOURCE Westlake Chemical Corporation -0- 08/10/2004 /CONTACT: Media Relations - David R. Hansen - firstname.lastname@example.org, or Investor Relations - Graham McArthur - email@example.com, both of Westlake Chemical Corporation, +1-713-960-9111/ /Web site: http://www.westlakechemical.com / (WLK) CO: Westlake Chemical Corporation ST: Texas IN: CHM SU: OFR KH -- NYTU168 -- 1114 08/10/2004 22:01 EDT http://www.prnewswire.com