Westlake Chemical preps four-part offering of notes due 2024 to 2061

Chicago, Aug. 5 – Westlake Chemical Corp. is marketing a four-part offering of senior notes with maturities in 2024, 2041, 2051 and 2061, according to a 424B5 filing with the Securities and Exchange Commission on Thursday.

The 2024 notes will come with two years of call protection and then a par call. The other three series will be optionally redeemable by the issuer with a make-whole premium until six months before each maturity date, when the notes will be redeemable at par.

If there is a change of control, the notes could be redeemed at 101.

There is also a special mandatory redemption related to the Lasco Fittings, Inc. acquisition for the 2041 notes and the Boral acquisition for the 2051 and 2061 notes. If the acquisitions are not completed, the notes must be redeemed at 101.

Deutsche Bank Securities Inc., BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are underwriters for the offer.

Bank of New York Mellon Trust Co., NA is the trustee.

Baker Botts LLP is working as counsel advising the issuer.

Proceeds are going to be used for pending acquisitions.

Westlake is a manufacturer and supplier of petrochemicals, polymers and building products and is based in Houston.

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