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Westlake Chemical Announces Pricing of ReOffering of Tax-Exempt Bonds

11/21/2017 5:47:27 PM

HOUSTON--(BUSINESS WIRE)--Nov. 21, 2017-- Westlake Chemical Corporation (NYSE: WLK) ("Westlake") announced today that it has priced its previously announced remarketing ("Remarketing") of Louisiana Local Government Environmental Facilities and Community Development Authority (the "Authority") Revenue Refunding Bonds (Westlake Chemical Corporation Projects), Series 2017 (the "2017 Revenue Refunding Bonds") of $250.0 million aggregate principal amount of due 2032. The 2017 Revenue Refunding Bonds will bear interest at a rate of 3.50% per annum and will mature on November 1, 2032. In connection with the Remarketing, the Company will issue $250 million aggregate principal amount of its 3.50% Senior Notes due 2032 (the "Collateralizing Notes") to collateralize its obligations under the Amended and Restated Loan Agreement relating to the 2017 Revenue Refunding Bonds. The Remarketing is scheduled to close on November 29, 2017, subject to customary closing conditions.

Westlake intends to use the net proceeds from the Remarketing and its underwritten public offering of $500.0 million of 4.375% Senior Notes (the "Notes") scheduled to close on November 28, 2017, subject to customary closing conditions, together with the proceeds from borrowings under its revolving credit facility, 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 Remarketing and the 2017 Revenue Refunding Bonds have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities (including the 2017 Revenue Refunding Bonds, the Notes, 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.

J.P. Morgan Securities LLC and RBC Capital Markets, LLC acted as co-senior managers for the remarketing of the 2017 Revenue Refunding Bonds.

About Westlake

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.

Forward-Looking Statements

The statements in this release that are not historical facts, such as statements regarding the closing of the public offering of the Notes and the Remarketing, the use of proceeds therefrom, the potential redemption of the 2021 Notes and the 2023 Notes, and other matters relating to the public offering of the Notes, the potential redemptions and the 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 , which is subject to market conditions and other factors, and the closing of the offering of the Notes and the Remarketing are not conditioned upon the consummation of the redemption of the 2021 Notes and 2023 Notes.

Source: Westlake Chemical Corporation

Westlake Chemical Corp.
Media Inquiries:
Ben Ederington, 1-713-960-9111
or
Investor Inquiries:
Steve Bender, 1-713-960-9111

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For More Information:
 

 Investors:
Mr. Steve Bender
713-960-9111
investorrelations@westlake.com
 

Media:
Mr. Ben Ederington
713-960-9111
mediarelations@westlake.com


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