Westlake Corp Prices $1.625B Senior Notes Due 2029

TL;DR

Westlake just raised $1.625B in debt for 2029 notes to fund growth.

AI Summary

On June 13, 2024, Westlake Corporation announced the pricing of its offering of $1.625 billion aggregate principal amount of 5.375% Senior Notes due 2029. The net proceeds from this offering are intended to be used for general corporate purposes, including funding potential future acquisitions and capital expenditures.

Why It Matters

This debt issuance provides Westlake with significant capital, potentially enabling strategic growth through acquisitions or investments, which could impact its market position and future profitability.

Risk Assessment

Risk Level: medium — Issuing a substantial amount of debt increases financial leverage and interest expense, which can be a risk if the company's performance falters.

Key Numbers

• $1.625B — Senior Notes Offering (Aggregate principal amount raised to fund general corporate purposes and potential growth.)
• 5.375% — Interest Rate (Coupon rate on the Senior Notes due 2029.)
• 2029 — Maturity Date (Year the Senior Notes are due.)

Key Players & Entities

• Westlake Corporation (company) — Registrant
• $1.625 billion (dollar_amount) — Aggregate principal amount of Senior Notes
• 5.375% Senior Notes due 2029 (dollar_amount) — Debt offering details
• June 13, 2024 (date) — Date of report and earliest event

FAQ

From the Filing

0001262823-24-000033.txt : 20240613 0001262823-24-000033.hdr.sgml : 20240613 20240613085555 ACCESSION NUMBER: 0001262823-24-000033 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 115 CONFORMED PERIOD OF REPORT: 20240613 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240613 DATE AS OF CHANGE: 20240613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTLAKE CORP CENTRAL INDEX KEY: 0001262823 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 760346924 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32260 FILM NUMBER: 241040098 BUSINESS ADDRESS: STREET 1: 2801 POST OAK BLVD STREET 2: SUITE 600 CITY: HOUSTON STATE: TX ZIP: 77056 BUSINESS PHONE: 713-960-9111 MAIL ADDRESS: STREET 1: 2801 POST OAK BLVD STREET 2: SUITE 600 CITY: HOUSTON STATE: TX ZIP: 77056 FORMER COMPANY: FORMER CONFORMED NAME: WESTLAKE CHEMICAL CORP DATE OF NAME CHANGE: 20030908 8-K 1 wlk-20240613.htm 8-K wlk-20240613 false 0001262823 0001262823 2024-06-13 2024-06-13 0001262823 us-gaap:CommonStockMember 2024-06-13 2024-06-13 0001262823 wlk:OnePointSixTwoFivePercentageSeniorNotesDueTwentyTwentyNineMemberDomain 2024-06-13 2024-06-13 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): June 13, 2024 Westlake Corporation (Exact name of registrant as specified in its charter) Delaware 001-32260 76-0346924 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 2801 Post Oak Boulevard, Suite 600 Houston, Texas 77056 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: ( 713 )  960-9111 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock WLK The New York Stock Exchange 1.625% Senior Notes due 2029 WLK29 The New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   Emerging growth company ☐   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻ Item 7.01. Regulation FD Disclosure. On June 13, 2024, Westlake Corporation (the “Company”) will host an investor event focused on its Housing & Infrastructure Products businesses. Attached as Exhibit 99.1 hereto is the slide presentation to be made available at, and posted on the Company’s website in connection with, the event. The information furnished pursuant to this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into