Saturday, April 12, 2008 (USA)
Westlake Chemical Corporation announced that it has filed a universal shelf registration statement with the Securities and Exchange Commission for the registration and possible issuance of up to $750 million of securities which may include common stock, preferred stock, senior debt and subordinated debt (which may be convertible), and warrants to purchase Westlake securities.
The registration statement also covers 4.5 million shares of Westlake's common stock owned by TTWF LP, the company's largest stockholder. This registration statement replaces the company's prior $750 million registration statement, which had been reduced in size as a result of a debt offering by the company and an equity offering by TTWF in 2006.
The 4.5 million shares now being registered by TTWF are the balance remaining from TTWF's 10 million shares originally registered under the prior filing after deducting TTWF's 5.5 million shares sold in 2006.
Upon being declared effective by the SEC, the shelf registration statement will allow the company to sell, from time to time, the various securities in one or more offerings, and will allow TTWF to sell shares in the company. Neither the company nor TTWF has an immediate need or plan to sell any securities under this shelf registration statement.
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