Westlake Chemical preps $1.3 billion two-part offering of notes

By Cristal Cody

Eureka Springs, Ark., Aug. 3 – Westlake Chemical Corp. plans to price $1.3 billion of 10- and 30-year senior notes (Baa3//BBB), according to news releases from the company and Moody’s Investors Service.

The Rule 144A and Regulation S-eligible notes are expected to be guaranteed on a senior basis by certain of Westlake’s subsidiaries.

Westlake intends to use the proceeds, together with proceeds from other financing transactions and cash on hand, to finance the $2.3 billion acquisition of Axiall Corp., to prepay Axiall’s $250 million term loan and to pay related fees and expenses.

Houston-based Westlake Chemical is an international manufacturer and supplier of petrochemicals, polymers and building products.

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