Westlake Chemical Corporation Directs Redemption of $250 Million of GO Zone Bonds
September 19 2017 - 4:20PM
Business Wire
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 ultimately 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.
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 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
otherwise.
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Westlake Chemical Corp.Media
Inquiries:Ben Ederington, 713-960-9111orInvestor Inquiries:Steve Bender, 713-960-9111
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