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Westlake Issues $154 million in Bonds to Fund Projects in Louisiana

9:44 AM MST | December 3, 2010 | Lindsey Bewley

Westlake Chemical says it has raised $154 million of tax-exempt revenue bonds due November 1, 2035 with an interest rate of 6.5%/year. The proceeds from the bonds were loaned to Westlake, which in turn issued senior notes to evidence and secure its payment obligations. The senior notes are unsecured and will rank equally in right of payment with other existing and future unsecured senior indebtedness of Westlake.    The proceeds will be used to expand, refurbish and maintain the company’s facilities in Calcasieu Parish and Ascension Parish...

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