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Westlake Chemical (WLK) Closes Offering of Senior Notes
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Westlake Chemical Corporation (WLK - Free Report) declared that it has closed the earlier announced underwritten public offering of $500 million total principal amount of 4.375% senior notes due 2047 as well as the remarketing of $250 million total principal amount of the 3.50% Community Development Authority Revenue Refunding and Louisiana Local Government Environmental Facilities Bonds, series 2017.
The company issued $250 million total principal amount of its 3.50% Senior Notes due 2032 to collateralize its liabilities under the loan agreement associated with the Refunding Bonds.
Westlake Chemical plans to use the net proceeds from notes offering and the remarketing of Refunding Bonds along with cash in hand, proceeds from borrowings under its revolving credit facility to redeem $1.138 billion total principal amount of Westlake Chemical’s and its certain fully-owned subsidiaries’ 4.875% senior notes due 2023 and 4.625% senior notes due 2021, on or after the call dates of May 15, 2018 and Feb 15, 2018, respectively.
Westlake Chemical’s shares have moved up 26.1% in the past three months, outperforming the industry’s 21.4% growth.
Westlake Chemical recorded a net income of $210.8 million or $1.61 per share for third-quarter 2017, up roughly 220.9% from $65.7 million or 51 cents a year ago. Barring one-time items, earnings for the reported quarter were $1.65 per share, which topped the Zacks Consensus Estimate of $1.39.
According to Westlake Chemical, third-quarter 2017 results benefited from demand for all major products in both Vinyls and Olefins segments along with higher prices in the Vinyls segment. The company believes that the Axiall buyout and continued investments to improve the reliability and operational efficiency of its assets will enable it to fully leverage the improving Vinyls market.
Koppers has an expected long-term earnings growth rate of 18%. Its shares have moved up 23.9% year to date.
Daqo New Energy has an expected long-term earnings growth rate of 7%. Its shares have surged a whopping 182.8% year to date.
Kronos Worldwide has an expected long-term earnings growth rate of 5%. Its shares have rallied 133.8% year to date.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
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Westlake Chemical (WLK) Closes Offering of Senior Notes
Westlake Chemical Corporation (WLK - Free Report) declared that it has closed the earlier announced underwritten public offering of $500 million total principal amount of 4.375% senior notes due 2047 as well as the remarketing of $250 million total principal amount of the 3.50% Community Development Authority Revenue Refunding and Louisiana Local Government Environmental Facilities Bonds, series 2017.
The company issued $250 million total principal amount of its 3.50% Senior Notes due 2032 to collateralize its liabilities under the loan agreement associated with the Refunding Bonds.
Westlake Chemical plans to use the net proceeds from notes offering and the remarketing of Refunding Bonds along with cash in hand, proceeds from borrowings under its revolving credit facility to redeem $1.138 billion total principal amount of Westlake Chemical’s and its certain fully-owned subsidiaries’ 4.875% senior notes due 2023 and 4.625% senior notes due 2021, on or after the call dates of May 15, 2018 and Feb 15, 2018, respectively.
Westlake Chemical’s shares have moved up 26.1% in the past three months, outperforming the industry’s 21.4% growth.
Westlake Chemical recorded a net income of $210.8 million or $1.61 per share for third-quarter 2017, up roughly 220.9% from $65.7 million or 51 cents a year ago. Barring one-time items, earnings for the reported quarter were $1.65 per share, which topped the Zacks Consensus Estimate of $1.39.
According to Westlake Chemical, third-quarter 2017 results benefited from demand for all major products in both Vinyls and Olefins segments along with higher prices in the Vinyls segment. The company believes that the Axiall buyout and continued investments to improve the reliability and operational efficiency of its assets will enable it to fully leverage the improving Vinyls market.
Westlake Chemical Corporation Price and Consensus
Westlake Chemical Corporation Price and Consensus | Westlake Chemical Corporation Quote
Zacks Rank & Other Stocks to Consider
Westlake Chemical currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the basic materials space are Koppers Holdings Inc. (KOP - Free Report) , Daqo New Energy Corp. (DQ - Free Report) and Kronos Worldwide Inc. (KRO - Free Report) . All three stocks flaunt a Zacks Rank #1. You can see the complete list of today’s Zacks Rank #1 stocks here.
Koppers has an expected long-term earnings growth rate of 18%. Its shares have moved up 23.9% year to date.
Daqo New Energy has an expected long-term earnings growth rate of 7%. Its shares have surged a whopping 182.8% year to date.
Kronos Worldwide has an expected long-term earnings growth rate of 5%. Its shares have rallied 133.8% year to date.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>