Westlake gets commitments for bank financing for Axiall acquisition

By Angela McDaniels

Tacoma, Wash., June 10 – Westlake Chemical Corp. has received commitments from its banks in connection with the financing of its upcoming acquisition of Axiall Corp., according to a company news release.

The companies entered into a definitive agreement under which Westlake will acquire all of the outstanding shares of Axiall for $33 per share in an all-cash transaction, representing an enterprise value of about $3.8 billion, including debt and certain other Axiall liabilities.

The transaction has been approved by the boards of directors of both companies and is expected to be completed by the fourth quarter.

Deutsche Bank and Goldman Sachs & Co. are acting as financial advisers to Westlake, and Morgan Stanley & Co. LLC and Barclays are acting as financial advisers to Axiall.

Westlake Chemical is a manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston. Axiall is an integrated chemicals and building products company based in Atlanta.

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