Davis Polk advised the representatives of the initial purchasers on Rule 144A/Regulation S offerings by Westlake Chemical Corporation (“Westlake”) of $750 million aggregate principal amount of its 3.600% senior notes due 2026 and $700 million aggregate principal amount of its 5.000% senior notes due 2046. Westlake intends to use the net proceeds from the offerings to finance its acquisition of Axiall Corporation (“Axiall”).

Westlake is a vertically integrated global manufacturer and marketer of basic chemicals, vinyls, polymers and building products. Westlake’s products include some of the most widely used chemicals in the world, which are fundamental to many diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction as well as other durable and non-durable goods.

Axiall is a leading North American manufacturer and international marketer of chemicals and building products. Axiall also manufactures and sells vinyl-based building and home improvement products. Axiall’s products are sold for further processing into a wide variety of end-use applications, including plastic pipe and pipe fittings, siding and window frames, high-quality plastics and coatings for wire and cable, paper, minerals, metals and water treatment industries.

The Davis Polk capital markets team included partner Byron B. Rooney and associates Judah Bareli and Hillary A. Coleman. The tax team included partner Rachel D. Kleinberg and associate Mahalia S. Burford. The environmental team included counsel David A. Zilberberg and associate Yuko Masunaga. Counsel John. T. Wright and associate Daniel J. Ain provided executive compensation advice. Members of the Davis Polk team are based in the New York and Northern California offices.

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