Westlake Corp Prices $1.625B Senior Notes Offering

TL;DR

Westlake just priced $1.625B in 5.375% notes due 2029 for general corporate uses, including potential M&A.

AI Summary

On August 6, 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, which may include funding potential future acquisitions and capital expenditures.

Why It Matters

This debt issuance provides Westlake with significant capital, potentially for strategic growth initiatives like acquisitions or capital investments, which could impact future revenue and market position.

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 future performance does not meet expectations.

Key Numbers

• $1.625B — Senior Notes Offering (Aggregate principal amount of 5.375% Senior Notes due 2029 issued by Westlake Corporation.)
• 5.375% — Senior Notes Interest Rate (The coupon rate on the newly issued Senior Notes due 2029.)
• 2029 — Senior Notes Maturity (The year in which the Senior Notes are due.)

Key Players & Entities

• Westlake Corporation (company) — Registrant
• 5.375% Senior Notes due 2029 (dollar_amount) — Debt Offering
• $1.625 billion (dollar_amount) — Aggregate Principal Amount of Notes
• August 6, 2024 (date) — Date of Report

FAQ

From the Filing

0001262823-24-000041.txt : 20240806 0001262823-24-000041.hdr.sgml : 20240806 20240806072553 ACCESSION NUMBER: 0001262823-24-000041 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 31 CONFORMED PERIOD OF REPORT: 20240806 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240806 DATE AS OF CHANGE: 20240806 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: 241177093 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-20240806.htm 8-K wlk-20240806 false 0001262823 0001262823 2024-08-06 2024-08-06 0001262823 us-gaap:CommonStockMember 2024-08-06 2024-08-06 0001262823 wlk:OnePointSixTwoFivePercentageSeniorNotesDueTwentyTwentyNineMemberDomain 2024-08-06 2024-08-06 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): August 6, 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, $0.01 par value 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 2.02. Results of Operations and Financial Condition. On August 6, 2024 , Westlake Corporation (the "Company"), issued a press release announcing its 2024 second quarter results. A copy of the press release is furnished with this Current Report as Exhibit 99.1. The information furnished pursuant to this Current Report, 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 any r