Westlake announces public offering senior notes

Westlake announces public offering of senior notes

7:55 AM, 14th November 2017
Westlake Chemical logo

HOUSTON, US: Westlake Chemical Corporation (WLK) (“Westlake”) announced the beginning of an underwritten public offering of senior unsecured notes under its existing shelf registration statement.

The notes are expected to be guaranteed, jointly and severally on a senior unsecured basis, by certain of Westlake’s subsidiaries.

Westlake intends to use the net proceeds from the proposed public offering of the notes, together with the proceeds from borrowings under its revolving credit facility, the planned remarketing of up to $250 million aggregate principal amount of Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds (Westlake Chemical Corporation projects).

Series 2017 and cash on hand, to redeem $1.138 billion aggregate principal amount of Westlake’s and certain wholly-owned subsidiaries’ 4.625 percent senior notes due 2021 and 4.875 percent senior notes due 2023 on or after the call dates of 15 February 2018 and15  May 2018, respectively.

The notes are being offered and will be sold only pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission (SEC).

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc, Goldman Sachs & Co LLC and Wells Fargo Securities LLC are acting as book-running managers for the offering of the notes.

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