Westlake Chemical Corporation (WLK) closed a public offering of $500 million of 4.375% senior notes.
Westlake plans to use the proceeds to use the proceeds to retire earlier financings of 4.875% and 4.625%. Thus they will reduce their debt burden.
Westlakel’s shares have moved up 26.1% in the past three months, outperforming the industry’s 21.4% growth.
WLK recorded a net income of $210.8 million or $1.61 per share for third-quarter 2017, up roughly 220.9% from a year ago.
The company said that their third-quarter 2017 results benefited from demand for all major products in both Vinyls and Olefins segments. In addition, the company saw higher prices in the Vinyls segment.
Westlake Chemical currently sports a Zacks Rank #1 (Strong Buy).