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03.08.2016 15:25:00
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Westlake Chemical Corporation -- Moody's assigns Baa3 to Westlake's new notes
New York, August 03, 2016 -- Moody's Investors Service assigns Baa3 rating to Westlake Chemical Corporation's new senior unsecured notes, which will consist of $1.3 billion in 10 and 30 year tranches. Proceeds from the financings, together with balance sheet cash and revolver drawings, will be used to finance the acquisition of Axiall's equity for roughly $2.3 billion ($33/share), to prepay Axiall's roughly $250 million term loan and to pay transaction fees and expenses. The outlook is stable.
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