HOUSTON--(BUSINESS WIRE)--Nov. 13, 2017--
Westlake Chemical Corporation (NYSE: WLK) ("Westlake") announced today
that it has priced its previously announced underwritten public offering
of $500.0 million aggregate principal amount of senior unsecured notes
due 2047 (the "Notes") under its existing shelf registration statement.
The Notes will bear interest at a rate of 4.375% per annum and will
mature on November 15, 2047. The sale of the Notes is scheduled to close
on November 28, 2017, subject to customary closing conditions.
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
(the "2017 Revenue Refunding Bonds") and cash on hand, to redeem $1.138
billion aggregate principal amount of Westlake's and certain wholly
owned subsidiaries' 4.625% senior notes due 2021 (the "2021 Notes") and
4.875% senior notes due 2023 (the "2023 Notes") on or after the call
dates of February 15, 2018, and May 15, 2018, respectively. Westlake has
not called the 2021 Notes or the 2023 Notes for redemption and this
press release is not a notice of redemption of or an offer to purchase
any 2021 Notes or 2023 Notes.
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"). This press release shall
not constitute an offer to sell or the solicitation of an offer to buy
any securities (including the Notes, the 2017 Revenue Refunding Bonds,
the 2021 Notes or the 2023 Notes), nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or jurisdiction.
The offering of the Notes is being made only by means of a prospectus
and related prospectus supplement meeting the requirements of Section 10
of the Securities Act of 1933, as amended.
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. A
copy of the preliminary prospectus supplement and accompanying base
prospectus relating to the offering of the Notes may be obtained for
free by visiting EDGAR on the SEC website at www.sec.gov
or by sending a request to: Merrill Lynch, Pierce, Fenner & Smith
Incorporated, via email: firstname.lastname@example.org,
or standard mail c/o Prospectus Department, NC1-004-03-43, 200 North
College Street, 3rd floor, Charlotte NC 28255-0001; Deutsche Bank
Securities Inc. at Attention: Prospectus Group, 60 Wall Street, New
York, New York 10005-2836, email: email@example.com,
telephone (800) 503-4611; Goldman Sachs & Co. LLC at Attn: Prospectus
Department, 200 West Street, New York, NY 10282, telephone:
1-866-471-2526, facsimile: 212-902-9316, or email firstname.lastname@example.org;
or Wells Fargo Securities, LLC at Attention: Client Support, 608 2nd
Avenue, South Minneapolis, MN 55402, telephone: (800) 645-3751 Opt 5, or
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.
The statements in this release that are not historical facts, such as
statements regarding the proposed public offering of Notes, the
potential redemption of the 2021 Notes and the 2023 Notes and the
potential remarketing of the 2017 Revenue Refunding Bonds, the use of
proceeds therefrom and other matters relating to the proposed public
offering, the potential redemptions and the potential remarketing, are
forward-looking statements that are based on current expectations.
Although Westlake believes that its expectations are based on reasonable
assumptions, it can give no assurance that these expectations will prove
correct. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include results
of operations, market conditions, capital needs and uses and other risks
and uncertainties that are beyond Westlake's control, including those
described in the prospectus, Westlake's Form 10-K for the fiscal year
ended December 31, 2016 and in its other filings with the SEC.
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). We do not undertake any obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Westlake may not consummate the redemption of the 2021 Notes and 2023
Notes or the remarketing of the 2017 Revenue Refunding Bonds, which is
subject to market conditions and other factors, and the closing of the
proposed public offering of the Notes is not conditioned upon the
consummation of the redemption of the 2021 Notes and 2023 Notes or the
remarketing of the 2017 Revenue Refunding Bonds.
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Source: Westlake Chemical Corporation
Westlake Chemical Corp.