HOUSTON, Nov. 23 /PRNewswire-FirstCall/ -- Westlake Chemical Corporation (NYSE: WLK) filed today an amendment to its Form S-3 Registration Statement with the Securities and Exchange Commission relating to the company's possible issuance of up to $750 million in debt and/or equity securities.
The purpose of the amendment was to update the filing and to add to the shelf registration for possible sale in the future up to 10 million shares owned by TTWF LP, the company's major stockholder which is in turn owned by Chao family interests. TTWF owns around 79% of Westlake, and 10 million shares represent around 15% of the outstanding shares of the company. TTWF has advised Westlake that the major stockholder has no current intention to sell any of these shares but is seeking registration of the shares with the SEC to provide future flexibility.
Upon being declared effective by the SEC, the shelf registration statement will allow the company and TTWF to sell, from time to time, the various securities in one or more offerings. The company has no immediate need or plan to sell any securities under this shelf registration statement.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer of these securities will be made solely by means of the prospectus included in the registration statement and any prospectus supplement that may be issued in respect of any such offering.
The statements in this release relating to matters that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to: the cyclical nature of the chemical industry; availability, cost and volatility of raw materials and utilities; governmental regulatory actions and political unrest; global economic conditions; industry production capacity and operating rates; the supply/demand balance for Westlake's products; competitive products and pricing pressures; access to capital markets; technological developments; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to Westlake's Annual Report on Form 10-K for the year ended December 31, 2004, which was filed in March 2005.
Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and fabricated products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC and PVC pipe, windows and fence. For more information, visit the company's Web site at http://www.westlakechemical.com.
SOURCE Westlake Chemical CorporationCONTACT: Investors: Ruth I. Dreessenor Media: David R. Hansenboth of Westlake Chemical Corporation+1-713-960-9111 Web site: http://www.westlakechemical.com