Vertically integrated fabricated products producer Westlake Chemical Corporation filed an amendment to its Form S-3 Registration Statement with the Securities and Exchange Commission relating to the company's possible issuance of up to $750 million in debt and/or equity securities.
The purpose of the amendment was to update the filing and to add to the shelf registration for possible sale in the future up to 10 million shares owned by TTWF LP, the company's major stockholder which is in turn owned by Chao family interests.
TTWF owns around 79 percent of Westlake, and 10 million shares represent around 15 percent of the outstanding shares of the company.
TTWF has advised Westlake that the major stockholder has no current intention to sell any of hese shares but is seeking registration of the shares with the SEC to provide future flexibility.
Upon being declared effective by the SEC, the shelf registration statement will allow the company and TTWF to sell, from time to time, the various securities in one or more offerings.
The company has no immediate need or plan to sell any securities under this shelf registration statement.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective.
These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release shall notconstitute an offer to sell or the solicitation of an offer to buy, nor shall there be 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.
marketing@alchempro.com
