Westlake Chemical Commences Registered Exchange Offer
March 27 2017 - 4:01PM
Business Wire
Westlake Chemical Corporation (NYSE: WLK) (“Westlake”) announced
today an offer to exchange (the “Exchange Offer”):
- up to $624,793,000 aggregate principal
amount of its outstanding unregistered 4.625% Senior Notes due 2021
(the “Outstanding 2021 Notes”) for a like principal amount of its
new registered 4.625% Senior Notes due 2021 (the “2021 Exchange
Notes”),
- up to $433,793,000 aggregate principal
amount of its outstanding unregistered 4.875% Senior Notes due 2023
(the “Outstanding 2023 Notes”) for a like principal amount of its
new registered 4.875% Senior Notes due 2023 (the “2023 Exchange
Notes”),
- up to $750,000,000 aggregate principal
amount of its outstanding unregistered 3.600% Senior Notes due 2026
(the “Outstanding 2026 Notes”) for a like principal amount of its
new registered 3.600% Senior Notes due 2026 (the “2026 Exchange
Notes”),
- up to $700,000,000 aggregate principal
amount of its outstanding unregistered 5.000% Senior Notes due 2046
(the “Outstanding 2046 Notes”) for a like principal amount of its
new registered 5.000% Senior Notes due 2046 (the “2046 Exchange
Notes”).
The four series of Outstanding Notes are collectively referred
to as the “Outstanding Notes” and the four series of Exchange Notes
are collectively referred to as the “Exchange Notes.”
The form and terms of each series of Exchange Notes will be
identical in all material respects to the form and terms of the
corresponding series of Outstanding Notes, except for the issue
date and that the offer and issuance of the Exchange Notes will be
registered under the Securities Act of 1933, as amended, and the
transfer restrictions and registration rights, and related
additional interest provisions, applicable to each series of
Outstanding Notes will not apply to the Exchange Notes. Each series
of Exchange Notes will represent the same principal amount of debt
and interest as the corresponding series of Outstanding Notes.
Outstanding Notes that are not exchanged will continue to be
subject to the existing restrictions on transfer.
The purpose of the Exchange Offer is to fulfill Westlake’s
obligations under the applicable registration rights agreement
entered into in connection with the issuance of the Outstanding
Notes. Westlake will not receive any proceeds from the Exchange
Offer.
The Exchange Offer will expire at 5:00 p.m., New York City time,
on April 24, 2017, unless extended. Tenders of the Outstanding
Notes must be made before the Exchange Offer expires and may be
withdrawn at any time before the Exchange Offer expires. The
settlement date for the Exchange Offer will occur promptly
following the expiration of the Exchange Offer.
The terms of the Exchange Offer are set forth in a prospectus
dated March 27, 2017. Documents related to the Exchange Offer,
including the prospectus and the associated letter of transmittal,
have been filed with the Securities Exchange Commission, and may be
obtained from the exchange agent, Global Bondholder Services
Corporation, at the following address:
Attention: Corporate Actions65 Broadway, Suite 404New York, New
York 10006
Banks and Brokers call: 1-(212) 430-3774Toll free: 1-(866)
470-3800
This press release is for informational purposes only and shall
not constitute an offer to exchange nor a solicitation of an offer
to exchange the Outstanding Notes. The Exchange Offer is being made
only by the prospectus dated March 27, 2017, including any
supplements thereto, and the related letter of transmittal, and
only to such persons and in such jurisdictions as is permitted
under applicable law. Westlake has not authorized any person to
provide information other than as set forth in the prospectus dated
March 27, 2017.
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.
For more information, visit the company’s Web site at
www.westlake.com.
Forward-Looking Statements
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 Exchange Offer 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 Exchange
Offer, 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). We do not undertake any obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events, or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170327006074/en/
Westlake Chemical Corp.Media Inquiries:Ben Ederington,
1-713-960-9111orInvestor Inquiries:Steve Bender, 1-713-960-9111
Westlake (NYSE:WLK)
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