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Baker Botts Represents Westlake Chemical Corporation in $300 Million Senior Notes Offering

Release

Deal Description: On June 12, 2020, Westlake Chemical Corporation (“Westlake”) (NYSE: WLK) completed its public offering of $300,000,000 aggregate principal amount of 3.375% Senior Notes due 2030 (the “Offering”). The active joint book-running managers for the offering were Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC and the book-running managers for the Offering were BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and PNC Capital Markets LLC (collectively, the “Underwriters”).

Westlake intends to use a portion of the net proceeds from the Offering to fund the purchase in lieu of redemption later this year of three series of tax-exempt revenue bonds issued by the Louisiana Local Government Environmental Facilities and Community Development Authority on behalf of Westlake with an aggregate principal amount of $254,000,000, and, as a result thereof, cancel and retire all $100,000,000 of Westlake’s 6 1/2% Senior Notes due August 1, 2029 and all $154,000,000 of Westlake’s 6 1/2% Senior Notes due November 1, 2035. Westlake intends to use the remaining net proceeds for general corporate purposes.

Baker Botts represented Westlake in the Offering.

Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, Westlake provides the building blocks for vital solutions — from packaging and healthcare products to automotive and consumer goods, to building and construction products.

Outside Counsel to Westlake: Baker Botts L.L.P.

Outside Counsel to the Underwriters: Davis Polk & Wardwell LLP

Value: $300 million

Baker Botts Lawyers/Office Involved:

Corporate: Timothy Taylor (Partner, Houston); Eileen Boyce (Senior Associate, Houston); Sunil Jamal (Associate, Houston); Nathaniel Richards (Associate, Houston)

Tax: Chuck Campbell (Special Counsel, Houston)

In-house Westlake lawyers involved in the Offering included Benjamin Ederington and Julia Feng.

 

ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm of approximately 725 lawyers practicing throughout a network of 14 offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy and technology sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.

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