HOUSTON--(BUSINESS WIRE)--Westlake Chemical Corporation (NYSE:WLK) (“Westlake”) announced today the expiration and results of its offer to exchange (the “Exchange Offer”) the four series of its Senior Notes (the “Outstanding Notes”) listed below that were issued in private offerings for new Senior Notes (the “Exchange Notes”) that have been registered under the Securities Act of 1933, as amended (the “Securities Act”). The results of the Exchange Offer are as follows:
|Series of Outstanding||Aggregate Principal||Principal Amount||Percentage of Outstanding|
|Notes to be Exchanged||Amount Outstanding||Tendered for Exchange||Notes Exchanged|
|4.625% Senior Notes due 2021||$624,793,000||$624,616,000||99.9717%|
|4.875% Senior Notes due 2023||$433,793,000||$433,793,000||100.000%|
|3.600% Senior Notes due 2026||$750,000,000||$747,900,000||99.7200%|
|5.000% Senior Notes due 2046||$700,000,000||$697,480,000||99.6400%|
The Exchange Offer commenced on March 27, 2017, and expired at 5:00 p.m. Eastern time, on April 24, 2017. In accordance with the terms of the Exchange Offer, the Company accepted all of the Outstanding Notes validly tendered and not withdrawn.
In connection with the issuance of each series of Outstanding Notes, Westlake entered into a registration rights agreement in which it undertook to offer to exchange the Outstanding Notes for the Exchange Notes. The form and terms of each series of Exchange Notes will be identical in all material respects to the form and terms of the corresponding series of Outstanding Notes, except for the issue date and that the offer and issuance of the Exchange Notes have been registered under the Securities Act, and the transfer restrictions and registration rights, and related additional interest provisions, applicable to each series of Outstanding Notes will not apply to the Exchange Notes. Each series of Exchange Notes will represent the same principal amount of debt and interest as the corresponding series of Outstanding Notes. Outstanding Notes that were not exchanged in the Exchange Offer will continue to be subject to the existing restrictions on transfer.
This press release is for informational purposes only and shall not constitute an offer to buy nor a solicitation of an offer to sell any of Westlake’s securities. The Exchange Offer was made only pursuant to the Exchange Offer documents, which have been filed with the Securities and Exchange Commission and include the prospectus and letter of transmittal that were distributed to holders of the Outstanding Notes.
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.
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 Exchange Offer 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 Exchange Offer, 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). We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.