HOUSTON--(BUSINESS WIRE)--Westlake Chemical Corporation (NYSE:WLK) announced today that it has directed the Louisiana Local Governmental Environmental Facilities and Community Development Authority (the “Authority”) to optionally redeem in full $250,000,000 aggregate principal amount of the Authority’s Revenue Bonds (Westlake Chemical Corporation Projects), Series 2007 (the “GO Zone Bonds”) on November 1, 2017 at a redemption price of par, plus accrued and unpaid interest, if any, to the redemption date. The GO Zone Bonds were issued by the Authority in December 2007 under the Gulf Opportunity Zone Act of 2005 (GO Zone Act) for the benefit of Westlake. In connection with the redemption of the GO Zone Bonds, $250 million of Westlake’s 6¾ % Senior Notes due 2032 (the “Senior Notes”) that were issued and are held by the trustee of the GO Zone Bonds to evidence and secure Westlake’s payment obligations to the Authority under the Loan Agreement relating to the GO Zone Bonds will be redeemed and cancelled. Westlake expects to use borrowings under its revolving credit facility and cash on hand to ultimately fund the redemption of the GO Zone Bonds and the Senior Notes (collectively, the “Redemption”).
Since the GO Zone Bonds are held under the book-entry system, the notice of redemption specifying the terms, conditions and procedures for the redemption of the GO Zone Bonds will be delivered by the trustee, The Bank of New York Mellon Trust Company, N.A., to the registered holders in accordance with the procedures of The Depository Trust Company.
This press release is not an offer to sell or a solicitation of an offer to buy any securities.
About Westlake Chemical Corporation
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 Redemption 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 Redemption, 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). Westlake does not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.