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Westlake (NYSE: WLK) renews $1.5B revolving credit line maturing 2031

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Westlake Corporation entered into a new unsecured revolving credit agreement with a syndicate of lenders, providing a senior revolving credit facility of up to $1.5 billion. This new facility replaces Westlake’s prior $1.5 billion revolving credit facility, which was terminated without costs or penalties.

Borrowings may bear interest at a Term SOFR-based rate plus a margin ranging from 1.000% to 1.625%, or at an ABR-based rate plus a margin ranging from 0.000% to 0.625%, in each case depending on Westlake’s credit rating. An undrawn commitment fee between 0.090% and 0.200% also applies based on credit ratings.

The facility, which matures on April 2, 2031, includes a $150 million sub-limit for letters of credit and a discretionary $50 million swingline loan commitment available on a same-day basis. Westlake may, subject to conditions and lender agreement, increase the facility size by up to $500 million in increments of at least $25 million. The agreement includes customary covenants, a quarterly total leverage ratio maintenance test, and standard events of default that can trigger accelerated repayment and higher default interest on overdue amounts.

Positive

  • None.

Negative

  • None.
Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 1.02 Termination of a Material Definitive Agreement Business
A significant contract was terminated, which may affect business operations or revenue.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revolving credit facility size $1.5 billion Aggregate principal amount of new unsecured revolving credit facility
Term SOFR margin range 1.000%–1.625% Interest margin over Term SOFR based on Westlake credit rating
ABR margin range 0.000%–0.625% Interest margin over ABR based on Westlake credit rating
Undrawn commitment fee 0.090%–0.200% Fee on unused commitments, varies with credit rating
Maturity date April 2, 2031 Stated maturity of the revolving credit facility
Letter of credit sub-limit $150 million Sub-limit for letters of credit under the facility
Swingline loan commitment $50 million Discretionary same-day swingline loans under the facility
Accordion feature Up to $500 million Potential increase in facility size in ≥$25M increments
unsecured revolving credit facility financial
"provide an unsecured revolving credit facility in an aggregate principal amount"
A revolving credit facility is a line of borrowing that a company can draw from, repay, and draw again up to a set limit; “unsecured” means the loans are not backed by specific assets as collateral. Investors care because it acts like a corporate credit card—giving short‑term cash flexibility to cover operations or unexpected needs—while signaling lenders’ confidence and affecting interest costs, default risk, and the company’s financial stability.
Term SOFR rate financial
"bear interest, at Westlake’s option, at either (a) the Term SOFR rate plus a spread"
ABR financial
"or (b) ABR plus a spread ranging from 0.000% to 0.625%"
undrawn commitment fee financial
"requires an undrawn commitment fee ranging from 0.090% to 0.200%"
swingline loans financial
"provides for a discretionary $50 million commitment for swingline loans"
A swingline loan is a very short-term, on-demand loan that sits inside a larger credit facility to cover immediate cash needs like payroll, small bills, or last-minute payments. Think of it as an emergency overdraft from a lender: it’s quick to draw, repaid fast, and usually carries faster fees, so investors watch it as a signal of a company’s liquidity pressure and potential cost or covenant stress.
total leverage ratio financial maintenance covenant financial
"including a quarterly total leverage ratio financial maintenance covenant"
Understanding 8-K Material Events →
WESTLAKE CORP false 0001262823 0001262823 2026-04-02 2026-04-02 0001262823 us-gaap:CommonStockMember 2026-04-02 2026-04-02 0001262823 us-gaap:SeniorNotesMember 2026-04-02 2026-04-02
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 2, 2026

 

 

Westlake Corporation

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-32260   76-0346924
(State or other jurisdiction
of incorporation)		   (Commission
File Number)		   (I.R.S. Employer
Identification No.)

 

2801 Post Oak Boulevard, Suite 600

Houston, Texas

   77056
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (713) 960-9111

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of each exchange
on which registered

Common Stock, $0.01 par value   WLK   The New York Stock Exchange
1.625% Senior Notes due 2029   WLK29   The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 

Item 1.01.

Entry into a Material Definitive Agreement.

On April 2, 2026, Westlake Corporation (“Westlake”) entered into a credit agreement (the “Credit Agreement”), by and among Westlake, the lenders from time to time party thereto (collectively, the “Lenders”), the issuing banks party thereto and JPMorgan Chase Bank, National Association, as administrative agent. Under the Credit Agreement, the Lenders have committed to provide an unsecured revolving credit facility in an aggregate principal amount of up to $1.5 billion. The new revolving credit facility replaces Westlake’s previous $1.5 billion revolving credit facility pursuant to the credit agreement, dated as of June 9, 2022 (the “Previous Credit Agreement”), by and among Westlake, the lenders from time to time party thereto, the issuing banks party thereto and JPMorgan Chase Bank, National Association, as administrative agent. The Credit Agreement became effective in accordance with its terms on April 2, 2026, and the Previous Credit Agreement was terminated on April 2, 2026.

Any borrowings under the Credit Agreement will bear interest, at Westlake’s option, at either (a) the Term SOFR rate plus a spread ranging from 1.000% to 1.625% that will vary depending on the credit rating of Westlake or (b) ABR plus a spread ranging from 0.000% to 0.625% that will vary depending on the credit rating of Westlake. The Credit Agreement also requires an undrawn commitment fee ranging from 0.090% to 0.200% that will vary depending on the credit rating of Westlake. The Credit Agreement will mature on April 2, 2031.

The Credit Agreement includes a $150 million sub-limit for letters of credit, and any outstanding letters of credit will be deducted from availability under the facility. The Credit Agreement also provides for a discretionary $50 million commitment for swingline loans to be provided on a same-day basis. Westlake may also increase the size of the facility, in increments of at least $25 million, up to a maximum of $500 million, subject to certain conditions and if certain Lenders agree to commit to such an increase.

The Credit Agreement contains customary affirmative and negative covenants, including a quarterly total leverage ratio financial maintenance covenant. The Credit Agreement also contains customary events of default, and if and for so long as certain events of default have occurred and are continuing, any overdue amounts outstanding under the Credit Agreement will accrue interest at an increased rate, the Lenders can terminate their commitments thereunder and payments of any outstanding amounts could be accelerated by the Lenders.

The Credit Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement.

 

Item 1.02.

Termination of a Material Definitive Agreement.

The information set forth in Item 1.01 regarding the termination of the Previous Credit Agreement is incorporated herein by reference. Westlake did not incur any costs or penalties with respect to the termination of the Previous Credit Agreement.

For more information regarding the terms and conditions of the Previous Credit Agreement, please see Westlake’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 9, 2022, which information is incorporated herein by reference.

 

Item 2.03.

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 above is incorporated herein by reference.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

Agreements included as exhibits are included only to provide information to investors regarding their terms. Agreements listed below may contain representations, warranties and other provisions that were made, among other things, to provide the parties thereto with specified rights and obligations and to allocate risk among them, and no such agreement should be relied upon as constituting or providing any factual disclosures about Westlake and its subsidiaries, any other persons, any state of affairs or other matters.

 

Exhibit

Number

   Description
10.1   Credit Agreement dated as of April 2, 2026, by and among Westlake Corporation, the lenders from time to time party thereto, the issuing banks party thereto and JPMorgan Chase Bank, National Association, as Administrative Agent, relating to a $1.5 billion senior unsecured revolving credit facility.
104   The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 6, 2026

 

WESTLAKE CORPORATION
By:  

/s/ L. Benjamin Ederington

Name:   L. Benjamin Ederington
Title:   Executive Vice President, Legal and External Affairs

Source: View Original Filing on SEC EDGAR

FAQ

What new credit facility did Westlake (WLK) enter into?

Westlake entered into a new unsecured revolving credit facility of up to $1.5 billion. The facility is provided by a syndicate of lenders and is documented in a credit agreement with JPMorgan Chase Bank as administrative agent.

When does Westlake’s new $1.5 billion revolving credit facility mature?

The revolving credit facility for Westlake matures on April 2, 2031. This multi-year term provides committed bank financing, subject to ongoing compliance with covenants and other standard conditions in the credit agreement.

What interest rate options apply to Westlake’s new revolving credit facility?

Borrowings can bear interest at the Term SOFR rate plus 1.000%–1.625% or at ABR plus 0.000%–0.625%. The applicable margin in each case depends on Westlake’s credit rating under the agreement’s pricing grid.

Does the new Westlake (WLK) credit facility include a letter of credit sub-limit?

Yes, the agreement includes a $150 million sub-limit for letters of credit. Any outstanding letters of credit reduce the borrowing availability under the overall $1.5 billion revolving credit facility.

Can Westlake increase the size of its new revolving credit facility?

Westlake may increase the facility size by up to $500 million, in minimum increments of $25 million. Any increase is subject to specified conditions and the agreement of certain lenders to provide additional commitments.

Did Westlake incur penalties when terminating its previous credit agreement?

Westlake did not incur any costs or penalties in connection with terminating its previous $1.5 billion revolving credit agreement. That prior facility was replaced by the new credit agreement effective April 2, 2026.

What financial covenant applies under Westlake’s new credit agreement?

The credit agreement includes a quarterly total leverage ratio financial maintenance covenant. Westlake must comply with this leverage test, along with other customary affirmative and negative covenants, to maintain access to the facility.

Filing Exhibits & Attachments

5 documents

Agreements & Contracts

Other Documents