Westlake Chemical Refinances Notes
HOUSTON, July 17, 2012 /PRNewswire/ -- Westlake Chemical Corporation (NYSE: WLK) announced today that it has issued $250 million aggregate principal amount of Westlake's 3.6% Senior Notes due July 2022, and that it will utilize proceeds from such issuance for the previously announced voluntary redemption of all $250 million of its outstanding 6-5/8% Senior Notes due 2016 that will take place on July 30, 2012.
Albert Chao, Westlake's President and Chief Executive Officer, stated, "This is a positive step for Westlake. We have taken advantage of historically low interest rates to redeem higher cost debt to reduce our overall cost of capital."
The statements in this release relating to matters that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially.
The new 3.6% Senior Notes due 2022 have been offered, sold and issued pursuant to an effective shelf registration statement that was filed with the Securities and Exchange Commission in September 2011. This release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offer of these securities will be made solely by means of a statutory prospectus.
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, caustic, VCM, PVC resin and PVC building products including pipe, windows and fence. For more information visit the company's website at http://www.westlake.com.
SOURCE Westlake Chemical Corporation