Westlake Chemical Corporation’s $300 Million Senior Notes Offering

Baker Botts represented Westlake in the Offering. Davis Polk & Wardwell LLP represented the underwriters.

Westlake Chemical Corporation (NYSE: WLK) completed its public offering of $300,000,000 aggregate principal amount of 3.375% Senior Notes due 2030. 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.

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.

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.

The Baker Botts team was led by Timothy Taylor (Picture) and included Eileen Boyce, Sunil Jamal, Nathaniel Richards and Chuck Campbell.

The Davis Polk capital markets team included partner Byron B. Rooney and associates Yoojin Nairn-Kim and Sean Michael Pinckney. The tax team included partner Mario J. Verdolini and associate Tomislava Dragicevic. The environmental team included counsel David A. Zilberberg and associate Cristina Harshman.

Involved fees earner: Eileen Boyce – Baker Botts; Chuck Campbell – Baker Botts; Sunil Jamal – Baker Botts; Nathaniel Richards – Baker Botts; Timothy Taylor – Baker Botts; Tomislava Dragicevic – Davis Polk & Wardwell; Cristina Harshman – Davis Polk & Wardwell; Yoojin Nairn-Kim – Davis Polk & Wardwell; Sean Michael Pinckney – Davis Polk & Wardwell; Byron Rooney – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell; David Zilberberg – Davis Polk & Wardwell;

Law Firms: Baker Botts; Davis Polk & Wardwell;

Clients: Bank of America Securities; Citigroup Global Markets Ltd; Deutsche Bank Securities; Goldman Sachs & Co.; J.P. Morgan Securities LLC; PNC Capital Markets LLC; Wells Fargo Securities; Westlake Chemical Corporation;

Author: Ambrogio Visconti