The company expects the plan to be completed before the end of February 2006 and to result in lower interest expense and more beneficial terms from that point on.
Upon successful completion of the plan, Westlake will recognize an after-tax charge of approximately $18 million in the first quarter of 2006 arising from the payment of a make-whole premium and the write-off of previously capitalized debt-issuance costs.
The new senior notes will be 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 there 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.
Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and fabricated products with headquarters in Houston, Texas.
Westlake Chemical Corporation
marketing@alchempro.com
