Westlake Chemical to redeem $180 million 8¾% notes due 2011

By Jennifer Chiou

New York, Jan. 9 - Westlake Chemical Corp. announced it will retire $180 million of its $247 million of 8¾% senior notes due 2011.

The redemption date is Feb. 8.

The manufacturer and supplier of petrochemicals, polymers and fabricated products will pay par plus accrued interest as well as a make-whole premium.

The redemption is part of the Houston company's refinancing plan that includes a new issue of $250 million senior notes due 2016, the repayment of a $9 million term loan and an amendment increasing the commitment of its revolving credit facility to $300 million from $200 million.

Westlake said it plans to call the remaining $67 million of notes after it issues the new senior notes.

According to a news release, the refinancing plan, including the call of the remainder of the existing senior notes, is conditioned upon "satisfactory market conditions and no material adverse change in the company's business or operations."

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