Westlake Chemical Corporation (WLK) (“Westlake”) announced today an offer to exchange (the “Exchange Offer”):
- up to $624,793,000 aggregate principal amount of its outstanding unregistered 4.625% Senior Notes due 2021 (the “Outstanding 2021 Notes”) for a like principal amount of its new registered 4.625% Senior Notes due 2021 (the “2021 Exchange Notes”),
- up to $433,793,000 aggregate principal amount of its outstanding unregistered 4.875% Senior Notes due 2023 (the “Outstanding 2023 Notes”) for a like principal amount of its new registered 4.875% Senior Notes due 2023 (the “2023 Exchange Notes”),
- up to $750,000,000 aggregate principal amount of its outstanding unregistered 3.600% Senior Notes due 2026 (the “Outstanding 2026 Notes”) for a like principal amount of its new registered 3.600% Senior Notes due 2026 (the “2026 Exchange Notes”),
- up to $700,000,000 aggregate principal amount of its outstanding unregistered 5.000% Senior Notes due 2046 (the “Outstanding 2046 Notes”) for a like principal amount of its new registered 5.000% Senior Notes due 2046 (the “2046 Exchange Notes”).
The four series of Outstanding Notes are collectively referred to as the “Outstanding Notes” and the four series of Exchange Notes are collectively referred to as 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 will be registered under the Securities Act of 1933, as amended, 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 are not exchanged will continue to be subject to the existing restrictions on transfer.
The purpose of the Exchange Offer is to fulfill Westlake’s obligations under the applicable registration rights agreement entered into in connection with the issuance of the Outstanding Notes. Westlake will not receive any proceeds from the Exchange Offer.
The Exchange Offer will expire at 5:00 p.m., New York City time, on April 24, 2017, unless extended. Tenders of the Outstanding Notes must be made before the Exchange Offer expires and may be withdrawn at any time before the Exchange Offer expires. The settlement date for the Exchange Offer will occur promptly following the expiration of the Exchange Offer.
The terms of the Exchange Offer are set forth in a prospectus dated March 27, 2017. Documents related to the Exchange Offer, including the prospectus and the associated letter of transmittal, have been filed with the Securities Exchange Commission, and may be obtained from the exchange agent, Global Bondholder Services Corporation, at the following address:
Attention: Corporate Actions
65 Broadway, Suite 404
New York, New York 10006
Banks and Brokers call: 1-(212) 430-3774
Toll free: 1-(866) 470-3800
This press release is for informational purposes only and shall not constitute an offer to exchange nor a solicitation of an offer to exchange the Outstanding Notes. The Exchange Offer is being made only by the prospectus dated March 27, 2017, including any supplements thereto, and the related letter of transmittal, and only to such persons and in such jurisdictions as is permitted under applicable law. Westlake has not authorized any person to provide information other than as set forth in the prospectus dated March 27, 2017.
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.