Deal Description: On August 5, 2021, Westlake Chemical Corporation (“Westlake”) (NYSE: WLK) announced the pricing of its public offering (the “Offering”) of $1,700,000,000 aggregate principal amount of the following series of Senior Notes:

• $300,000,000 aggregate principal amount of 0.875% Senior Notes due 2024;
• $350,000,000 aggregate principal amount of 2.875% Senior Notes due 2041;
• $600,000,000 aggregate principal amount of 3.125% Senior Notes due 2051; and
• $450,000,000 aggregate principal amount of 3.375% Senior Notes due 2061.

The joint book-running managers for the offering are Deutsche Bank Securities Inc., BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC.

Westlake intends to use the net proceeds from the Offering to fund a portion of the purchase price of its pending acquisitions (the “Acquisitions”) of 100% of the issued and outstanding equity interests of (i) certain subsidiaries of Boral Industries Inc. engaged in Boral Limited’s North American building products businesses in roofing, siding, trim and shutters, decorative stone and windows for a purchase price of $2.15 billion in cash, subject to certain post-closing adjustments, (ii) Lasco Fittings, Inc. for a purchase price of $252.5 million in cash, subject to certain post-closing adjustments, and (iii) DX Acquisition Corp. for a purchase price of $170.0 million in cash, subject to certain post-closing adjustments, and to pay related fees and expenses.

Baker Botts represents Westlake in the Offering.

Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, Westlake provides the building blocks for vital solutions — from building products and infrastructure materials, to packaging and healthcare products, to automotive and consumer goods.

Outside Counsel to Westlake: Baker Botts L.L.P.

Value: $1.7 billion

Baker Botts Lawyers/Office Involved:

• Corporate: Timothy Taylor (Partner, Houston); Carina Antweil (Partner, Houston); Lakshmi Ramanathan (Senior Associate, Houston); Bryson Manning (Associate, Houston)
• Tax: Jon Lobb (Partner, Houston); Chuck Campbell (Special Counsel, Houston); Snow Rui (Associate, Dallas)
• Environmental: Scott Janoe (Partner, Houston); Cole Killion (Associate, Houston)

In-house Westlake lawyers involved in the Offering include Benjamin Ederington and Julia Feng.

For more information, please see Westlake’s news release relating to the pricing of the Offering here.

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