Westlake Chemical Refinances Notes
Westlake Chemical Corporation (NYSE: WLK) announced today that it has issued $250 million aggregate principal amount of Westlake's 3.6% Senior Notes due July 2022, and that it will utilize proceeds from such issuance for the previously announced voluntary redemption of all $250 million of its outstanding 6-5/8% Senior Notes due 2016 that will take place on July 30, 2012.
Albert Chao, Westlake's President and Chief Executive Officer, stated, "This is a positive step for Westlake. We have taken advantage of historically low interest rates to redeem higher cost debt to reduce our overall cost of capital."
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