Westlake Directs Redemption of $100 Million of Series 2009A GO Zone Revenue Bonds
Jun. 25, 2020- Westlake Chemical Corporation (NYSE:WLK) announced today that it has directed the Louisiana Local Governmental Environmental Facilities and Community Development Authority (the “Authority”) to optionally redeem in full $100 million aggregate principal amount of the Authority’s Revenue Bonds (Westlake Chemical Corporation Projects), Series 2009A (the “GO Zone Bonds”) on August 1, 2020 at a redemption price of par, plus accrued and unpaid interest, if any, to the redemption date. The GO Zone Bonds mature on August 1, 2029 and were issued by the Authority in August 2009 and reoffered in July 2010 under the Gulf Opportunity Zone Act of 2005 (GO Zone Act) for the benefit of Westlake. Westlake expects to purchase the GO Zone Bonds in lieu of redemption and in connection therewith, to cancel and retire $100 million aggregate principal amount of Westlake’s 6.50% Senior Notes due 2029 (the “6.50% 2029 Senior Notes”) that were issued and are held by the trustee of the GO Zone