Westlake Chemical to redeem $1.14 billion of 4.625%, 4.875% notes

By Susanna Moon

Chicago, Nov. 13 – Westlake Chemical Corp. said it plans to redeem some notes and remarket revenue bonds using proceeds of new senior notes to be issued by way of a public offering.

Westlake plans to redeem $1,138,000,000 principal amount of 4.625% senior notes due 2021 and 4.875% senior notes due 2023 issued along with wholly owned subsidiaries.

The notes will be redeemed sometime on or after the call dates of Feb. 15, 2018 and May 15, 2018, respectively, according to a company press release.

The issuer said it has not called the notes yet.

Westlake said it also plans to use the proceeds for the planned remarketing of up to $250 million principal amount of Louisiana Local Government Environmental Facilities and Community Development Authority revenue refunding bonds (Westlake Chemical Corp. Projects), series 2017.

The company said it also may use borrowings under its revolving credit facility and cash on hand.

Westlake is a manufacturer and supplier of petrochemicals, polymers and building products and is based in Houston.

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