Westlake Chemical Corporation Directs Redemption of $250 Million of GO Zone Bonds and Related Senior Notes
HOUSTON--(BUSINESS WIRE)--Sep. 19, 2017--
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 $250,000,000 aggregate principal amount of the Authority's
Revenue Bonds (Westlake Chemical Corporation Projects), Series 2007 (the
"GO Zone Bonds") on November 1, 2017 at a redemption price of par, plus
accrued and unpaid interest, if any, to the redemption date. The GO Zone
Bonds were issued by the Authority in December 2007 under the Gulf
Opportunity Zone Act of 2005 (GO Zone Act) for the benefit of Westlake.
In connection with the redemption of the GO Zone Bonds, $250 million of
Westlake's 6¾ % Senior Notes due 2032 (the "Senior Notes") that were
issued and are held by the trustee of the GO Zone Bonds to evidence and
secure Westlake's payment obligations to the Authority under the Loan
Agreement relating to the GO Zone Bonds will be redeemed and cancelled.
Westlake expects to use borrowings under its revolving credit facility
and cash on hand to fund the redemption of the GO Zone Bonds
and the Senior Notes (collectively, the "Redemption").
Since the GO Zone Bonds are held under the book-entry system, the notice
of redemption specifying the terms, conditions and procedures for the
redemption of the GO Zone Bonds will be delivered by the trustee, The
Bank of New York Mellon Trust Company, N.A., to the registered holders
in accordance with the procedures of The Depository Trust Company.
This press release is not an offer to sell or a solicitation of an offer
to buy any securities.
About Westlake Chemical Corporation
Westlake Chemical Corporation is an international manufacturer and
supplier of petrochemicals, polymers and building products with
headquarters in Houston, Texas. The company's range of products
includes: ethylene, polyethylene, styrene, propylene, chlor-alkali and
derivative products, PVC suspension and specialty resins, PVC Compounds,
and PVC building products including siding, pipe, fittings and specialty
components, windows, fence, deck and film. For more information, visit
the company's web site at www.westlake.com.
This press release contains forward-looking statements within the
meaning of the federal securities laws. These forward-looking statements
include, but are not limited to, statements regarding the Redemption and
statements containing the use of forward-looking words, such as "may,"
"will," "could," "would," "should," "project," "believe," "anticipate,"
"expect," "estimate," "continue," "potential," "plan," "forecast,"
"approximate," "intend," "upside," and the like, or the use of future
tense. Statements contained in this press release concerning the
Redemption, together with other statements that are not historical
facts, are forward-looking statements that involve certain risks and
uncertainties. Such forward-looking statements are based upon
management's current expectations and include known and unknown risks,
uncertainties and other factors, many of which Westlake is unable to
predict or control, that may cause Westlake's actual results,
performance or plans to differ materially from any future results,
performance or plans expressed or implied by such forward-looking
statements. These statements involve risks, uncertainties and other
factors detailed from time to time in Westlake's filings with the
Securities and Exchange Commission. Forward-looking statements, like all
statements in this press release, speak only as of the date of this
press release (unless another date is indicated). Westlake does not
undertake any obligation to publicly update any forward-looking
statements, whether as a result of new information, future events, or
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Source: Westlake Chemical Corporation
Westlake Chemical Corp.
Steve Bender, 713-960-9111