Westlake Chemical to buy back three series of revenue bonds

By Rebecca Melvin

New York, June 9 – Westlake Chemical Corp. said that it plans to buy back three series of tax-exempt revenue bonds issued by the Louisiana Local Government Environmental Facilities and Community Development Authority, according to a news release.

Specifically, the company plans to cancel and retire all $100 million of the Westlake 6.5% senior notes due Aug. 1, 2029 and all $154 million of the Westlake 6.5% senior notes due Nov. 1, 2035.

The purchases will be funded by proceeds of new notes, with remaining proceeds to be used for general corporate purposes.

The revenue bonds consist of $100 million principal amount of the authority’s revenue bonds, series 2009A, due Aug. 1, 2029, which are subject to optional redemption at Westlake’s direction at par on or after Aug. 1, 2020; $89 million principal amount of the authority’s revenue bonds, series 2010A-1 (GO Zone), due Nov. 1, 2035; and $65 million principal amount of the authority’s revenue bonds, series 2010A-2 (Ike Zone), due Nov. 1, 2035, each series of which is subject to optional redemption at Westlake’s direction at par on or after Nov. 1, 2020.

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

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