HOUSTON, April 11 /PRNewswire-FirstCall/ -- Westlake Chemical Corporation (NYSE: WLK) announced today 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.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission 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 release shall not constitute 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. Any offer of these securities will be made solely by means of the prospectus included in the registration statement and any prospectus supplement that may be issued in respect of any such offering.
Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and fabricated products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC and PVC pipe, windows and fence. For more information, visit the company's Web site at http://www.westlake.com.