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:
Tax: Chuck Campbell (Special Counsel, Houston)
In-house Westlake lawyers involved in the Offering included Benjamin Ederington and Julia Feng.
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