Westlake Directs Redemption of $89 Million of Series 2010-1 GO Zone Revenue Bonds and $65 Million of Series 2010-2 Ike Zone Revenue Bonds

Westlake Chemical Corporation (NYSE:WLK) announced that it has directed the Louisiana Local Governmental Environmental Facilities and Community Development Authority (the “Authority”) to optionally redeem in full $89 million aggregate principal amount of the Authority’s Revenue Bonds (Westlake Chemical Corporation Projects), Series 2010A-1 (the “GO Zone Bonds”) and $65 million aggregate principal amount of the Authority’s Revenue Bonds (Westlake Chemical Corporation Projects), Series 2010A-2 (the “Ike Zone Bonds”), in each case, on November 1, 2020 at a redemption price of par, plus accrued and unpaid interest, if any, to the redemption date. The GO Zone Bonds and the Ike Zone Bonds mature on November 1, 2035 and were issued by the Authority for the benefit of Westlake in December 2010 under the Gulf Opportunity Zone Act of 2005 (GO Zone Act) and Section 704 of the Emergency Economic Stabilization Act of 2008, respectively. Westlake expects to purchase the GO Zone Bonds and the Ike Zone Bonds in lieu of optional redemption and in connection therewith, to cancel and retire $154 million aggregate principal amount of Westlake’s 6.50% Senior Notes due 2035 (the “6.50% 2035 Senior Notes”) that were issued and are held by the trustee of the GO Zone Bonds and Ike Zone Bonds to evidence and secure Westlake’s payment obligations to the Authority under the Loan Agreements relating to the GO Zone Bonds and the Ike Zone Bonds, respectively. In June 2020, Westlake completed the registered public offering of $300 million aggregate principal amount of its 3.375% Senior Notes due 2030 (the “3.375% 2030 Senior Notes”) and expects to use a portion of the net proceeds from the offering of the 3.375% 2030 Senior Notes to fund the purchase in lieu of redemption of the GO Zone Bonds and the Ike Zone Bonds.