Westlake Announces Pricing of $1.7 Billion Offering of Senior Notes

Westlake Chemical Corporation (NYSE: WLK) (“Westlake”) announced today that it has priced its previously announced underwritten public offering of $300,000,000 aggregate principal amount of senior unsecured notes due 2024 (the “2024 Notes”), $350,000,000 aggregate principal amount of senior unsecured notes due 2041 (the “2041 Notes”), $600,000,000 aggregate principal amount of senior unsecured notes due 2051 (the “2051 Notes”) and $450,000,000 aggregate principal amount of senior unsecured notes due 2061 (the “2061 Notes” and, together with the 2024 notes, the 2041 Notes and the 2051 Notes, the “Notes”) under its existing shelf registration statement. The 2024 Notes will bear interest at a rate of 0.875% per annum and will mature on August 15, 2024. The 2041 Notes will bear interest at a rate of 2.875% per annum and will mature on August 15, 2041. The 2051 Notes will bear interest at a rate of 3.125% per annum and will mature on August 15, 2051. The 2061 Notes will bear interest at a rate of 3.375% per annum and will mature on August 15, 2061. The sale of the Notes is scheduled to close on August 19, 2021, subject to the satisfaction of customary closing conditions.

Westlake intends to use the net proceeds from the proposed public offering of the Notes to fund a portion of the purchase price of its pending acquisitions (the “Acquisitions”) of 100% of the issued and outstanding equity interests of (i) certain subsidiaries of Boral Industries Inc. engaged in Boral Limited’s North American building products businesses in roofing, siding, trim and shutters, decorative stone and windows for a purchase price of $2.15 billion in cash, subject to certain post-closing adjustments, (ii) Lasco Fittings, Inc. for a purchase price of $252.5 million in cash, subject to certain post-closing adjustments, and (iii) DX Acquisition Corp. for a purchase price of $170.0 million in cash, subject to certain post-closing adjustments, and to pay related fees and expenses. This offering is not contingent upon the consummation of any of the Acquisitions. However, if Westlake does not consummate an Acquisition under specified circumstances, Westlake will be required to redeem all of the outstanding Notes of the applicable series at a redemption price equal to 101% of the principal amount of the Notes of such series being redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of such redemption.