HOUSTON, Jan. 13 /PRNewswire-FirstCall/ -- Westlake Chemical Corporation (NYSE: WLK) announced today that it has completed the issuance of its new 6 5/8% Senior Notes due 2016 in the principal amount of $250 million.
The company has also issued a redemption notice for the remaining balance of its 8 3/4% Senior Notes due 2011, in the principal amount of $67 million, to be redeemed on February 13, 2006 at a redemption price of 100% plus accrued but unpaid interest and a make-whole premium. Also, on January 9, 2006 the company issued a notice of redemption for $180 million of the 8 3/4% Senior Notes due 2011, creating a total of $247 million of these notes to be redeemed, or the entire principal amount currently outstanding. Further, on January 12, 2006 the company gave notice to the lenders of its term loan that the company plans to repay on January 18, 2006 the outstanding principal amount of $9 million.
Albert Chao, Westlake Chemical's Chief Executive Officer and President, stated, "We are pleased to have taken these steps to refinance our debt. Completing this plan will increase our financial flexibility going forward."
The new senior notes have been issued pursuant to a shelf registration statement filed with the Securities and Exchange Commission on May 23, 2005, and declared effective on December 19, 2005. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer of these securities will be made solely by means of the prospectus included in the registration statement and a prospectus supplement in respect of any such offering.
The statements in this release relating to the completion of the refinancing plan and the results of the plan, as well as any other matters that are not historical facts, are forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to, changes in the financial markets and the company's results of operations. For more detailed information about the factors that could cause actual results to differ materially, please refer to Westlake's Annual Report on Form 10-K for the year ended December 31, 2004, which was filed in March 2005.
Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and fabricated products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC and PVC pipe, windows and fence. For more information, visit the company's Web site at http://www.westlakechemical.com .
Contact: David R. Hansen - Media Relations Steven Bender - Investor Relations (713) 960-9111 both of Westlake Chemical Corporation Web site: http://www.westlakechemical.com SOURCE Westlake Chemical Corporation