Westlake Announces Proposed Offering of Senior Notes
Jun. 9, 2020- Westlake Chemical Corporation (NYSE: WLK) (“Westlake”) announced today the commencement of an underwritten public offering, subject to market and other conditions, of senior unsecured notes (the “Notes”) under its existing shelf registration statement. The timing of pricing and terms of the Notes are subject to market conditions and other factors. Westlake intends to use a portion of the net proceeds from the proposed public offering of the Notes to fund the purchase in lieu of redemption later this year of three series of tax-exempt revenue bonds (the “Revenue Bonds”) issued by the Louisiana Local Government Environmental Facilities and Community Development Authority (the “Authority”) on behalf of Westlake with an aggregate principal amount of $254,000,000, and, as a result thereof, cancel and retire all $100,000,000 of Westlake’s 6 1/2% Senior Notes due August 1, 2029 (the “2029 Notes”) and all $154,000,000 of Westlake’s 6 1/2% Senior Notes due November 1, 2035 (the