By Sheri Kasprzak
New York, Dec. 2 - The Louisiana Local Government Environmental Facilities and Community Development Authority sold $154 million of series 2010 tax-exempt revenue bonds for Westlake Chemical Corp., according to a statement from the company.
The bonds were sold on a negotiated basis with J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Morgan Stanley & Co. Inc. as the underwriters.
The sale included $89 million of series 2010A-1 bonds and $65 million of series 2010A-2 bonds. Both bonds are due Nov. 1, 2035, and both have 6.5% coupons priced at par.
Proceeds will be used to fund a loan to Westlake for the expansion, refurbishment, construction and maintenance of the company's facilities in the Calcasieu and Ascension parishes of Louisiana.
Based in Houston, Westlake manufactures and supplies petrochemicals, polymers and fabricated products. Located in Baton Rouge, the authority provides funding for economic development and infrastructure projects.
| Issuer: | Louisiana Local Government Environmental Facilities and Community Development Authority/Westlake Chemical Corp.
|
| Issue: | Series 2010 tax-exempt revenue bonds
|
| Amount: | $154 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Morgan Stanley & Co. Inc.
|
| Pricing date: | Dec. 2
|
|
|
| $89 million series 2010A-1
|
| Maturity | Type | Coupon | Price
|
| Nov. 1, 2035 | Term | 6.5% | 100
|
|
|
| $65 million series 2010A-2
|
| Maturity | Type | Coupon | Price
|
| Nov. 1, 2035 | Term | 6.5% | 100
|
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