WESTLAKE CORPORATION Stock Price, News & Analysis

Westlake (NYSE: WLK) priced a public offering of $1.2 billion of senior unsecured notes: $600 million due 2035 at 5.550% and $600 million due 2055 at 6.375%. The sale is scheduled to close on November 6, 2025, subject to customary conditions.

Westlake expects to use net proceeds to fund a concurrent cash tender offer to repurchase its 3.600% Senior Notes due 2026, with any remaining proceeds to help fund the pending acquisition of the global compounding solutions businesses of ACI/Perplastic and for general corporate purposes. The offering is being made from an effective shelf registration statement and is not contingent on the Tender Offer or the ACI acquisition.

Westlake (NYSE: WLK) announced on November 4, 2025 the commencement of an underwritten public offering of senior unsecured notes under its existing shelf registration. Proceeds are intended to fund a concurrent cash tender offer to repurchase Westlake's outstanding 3.600% Senior Notes due 2026, to help finance the pending acquisition of the global compounding solutions businesses of the ACI/Perplastic Group, and for general corporate purposes including working capital.

The offering is subject to market conditions, is not contingent on the Tender Offer or the ACI Acquisition, and will be sold only by means of a prospectus and prospectus supplement. Joint book-running managers are BofA Securities, Deutsche Bank Securities, J.P. Morgan Securities and Wells Fargo Securities.

Westlake (NYSE: WLK) commenced a cash tender offer on November 4, 2025 to purchase any and all of its 3.600% Senior Notes due 2026 (aggregate outstanding $750,000,000).

The offer will expire at 5:00 p.m. ET on November 10, 2025, with a Price Determination Date at 2:00 p.m. ET on November 10, 2025 and expected settlement on or about November 12, 2025 (guaranteed-delivery deadlines extend to Nov 13–14, 2025). Consideration per $1,000 will be set by reference to a 4.375% U.S. Treasury maturing 8/15/2026 plus a fixed spread of 35 bps; accrued interest will also be paid.

The offer is intended to extend Westlake’s debt maturity and is conditioned on the successful completion of a concurrent senior notes offering to fund the purchases.

Westlake Chemical Partners (NYSE: WLKP) reported Q3 2025 net income of $14.7 million ($0.42/unit), down from $18.1 million in Q3 2024. MLP distributable cash flow was $14.9 million for the quarter, below prior-year $17.9 million, driven primarily by higher maintenance capital expenditures. The Board declared a quarterly distribution of $0.4714 per unit payable Nov 26, 2025, the 45th consecutive quarterly distribution. OpCo renewed its Ethylene Sales Agreement with Westlake at existing terms (95% of production, $0.10/lb cash margin) through 2027, supporting predictable fee-based cash flows. Trailing twelve-month coverage ratio was 0.75x. Q3 operating cash flow was $105.2 million, up from Q2 2025 $9.1 million due to lower turnaround cash payments.

Westlake Chemical Partners (NYSE: WLKP) announced that Westlake Chemical OpCo and Westlake Corporation renewed the Ethylene Sales Agreement through December 31, 2027, with an initial term to December 31, 2026 and automatic 12-month renewals unless terminated with 12 months' notice.

The renewal secures offtake on attractive terms for 95% of OpCo's ethylene output, preserves the existing pricing formula and sales volume protections, and is cited as supporting the Partnership's distributable cash flow that enabled 45 consecutive quarterly distributions since its 2014 IPO. Related amendments align the Services and Secondment Agreement term to the ethylene agreement and set the Omnibus Agreement to terminate upon termination of the Ethylene Sales Agreement, with indemnity procedural updates for environmental and tax matters.

Westlake Chemical Partners LP (NYSE:WLKP) declared a quarterly distribution of $0.4714 per unit, the Partnership's 45th quarterly distribution since its IPO. The distribution is payable on November 26, 2025 to unit holders of record on November 10, 2025.

The notice is designated as a qualified notice under Treasury Regulation §1.1446-4(b). Brokers and nominees are instructed to treat 100.0% of distributions to non-U.S. investors as income effectively connected with a U.S. trade or business, meaning such distributions are subject to federal income tax withholding at the highest applicable effective tax rate.

Westlake Chemical Partners (NYSE: WLKP) will release third quarter 2025 earnings before market open on Thursday, October 30, 2025. The company will host a conference call at 1:00 p.m. ET (12:00 p.m. CT) the same day to discuss results.

Phone participants must pre-register to receive a phone number and unique PIN; dial in and enter the PIN to join. The live conference and replay will be available via webcast, and the earnings release will be posted on the company's investor webpage.

Westlake (NYSE: WLK) will release its third quarter 2025 earnings before market open on Thursday, October 30, 2025. The company will host an earnings conference call at 11:00 a.m. ET / 10:00 a.m. CT the same day to discuss results.

Investors must pre-register by phone at the provided registration link to receive a unique PIN and dial-in number. The conference call and replay will be available via webcast and the earnings release will be posted on the company investor website.