Westlake Announces Proposed Offering of Senior Notes
August 05 2021 - 8:50AM
Business Wire
Westlake Chemical Corporation (NYSE: WLK) (“Westlake”) announced
today the commencement of an underwritten public offering, subject
to market and other conditions, of senior unsecured notes (the
“Notes”) under its existing shelf registration statement.
The timing of pricing and terms of the Notes are subject to
market conditions and other factors. Westlake intends to use the
net proceeds from the proposed public offering of the Notes to fund
a portion of the purchase price of its pending acquisitions (the
“Acquisitions”) of 100% of the issued and outstanding equity
interests of (i) certain subsidiaries of Boral Industries Inc.
engaged in Boral Limited’s North American building products
businesses in roofing, siding, trim and shutters, decorative stone
and windows for a purchase price of $2.15 billion in cash, subject
to certain post-closing adjustments, (ii) Lasco Fittings, Inc. for
a purchase price of $252.5 million in cash, subject to certain
post-closing adjustments, and (iii) DX Acquisition Corp. for a
purchase price of $170.0 million in cash, subject to certain
post-closing adjustments, and to pay related fees and expenses.
This offering is not contingent upon the consummation of any of the
Acquisitions.
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), 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.
Deutsche Bank Securities Inc., BofA Securities, Inc., Citigroup
Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo
Securities, LLC are acting as joint 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 making a request to: Deutsche
Bank Securities Inc. at 1-800-503-4611; BofA Securities, Inc. at
1-800-294-1322; Citigroup Global Markets Inc. at 1-800-831-9146;
J.P. Morgan Securities LLC collect at 1-212-834-4533; or Wells
Fargo Securities, LLC at 1-800-645-3751.
About Westlake
Westlake is a global manufacturer and supplier of materials and
innovative products that enhance life every day. Headquartered in
Houston, we provide the building blocks for vital solutions — from
building products and infrastructure materials, to packaging and
healthcare products, to automotive and consumer goods.
Forward-Looking Statements
The statements in this press release that are not historical
facts, such as statements regarding the proposed public offering of
the Notes and the use of proceeds therefrom and other matters
relating to the proposed public offering, 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 preliminary prospectus
supplement and accompanying base prospectus relating to the
offering of the Notes, Westlake’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2020, Westlake’s Quarterly
Reports on Form 10-Q for the quarterly periods ended March 31, 2021
and June 30, 2021 and 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). 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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Media Inquiries: Ben Ederington, 713-960-9111 or Investor
Inquiries: Steve Bender, 713-960-9111
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