WESTLAKE CORP 8-K

What Happened
Westlake Corporation announced it entered into a new unsecured revolving credit agreement effective April 2, 2026, providing up to $1.5 billion in committed credit and replacing its prior $1.5 billion facility (terminated the same day). JPMorgan Chase Bank, N.A. serves as Administrative Agent.

Key Details

• Facility size: $1.5 billion senior unsecured revolving credit facility; matures April 2, 2031.
• Pricing: borrowings at Term SOFR + spread of 1.000%–1.625% or ABR + spread of 0.000%–0.625%, spreads vary with Westlake’s credit rating.
• Fees and sublimits: undrawn commitment fee 0.090%–0.200% (rating-dependent); $150 million sub‑limit for letters of credit (outs tanding LCs reduce availability); discretionary $50 million swingline for same‑day loans.
• Optional increase: company may request increases in $25 million increments up to an additional $500 million if lenders agree. Facility includes customary covenants (including a quarterly total leverage ratio) and events of default with increased default interest and acceleration rights.

Why It Matters
This refinancing secures medium‑term liquidity and a committed credit backstop through 2031, which supports working capital, commercial needs and financial flexibility. Borrowing costs and undrawn fees will depend on Westlake’s credit rating, so changes in the company’s rating could affect interest expense. The leverage covenant and other customary covenants could limit financial flexibility if performance weakens; letters of credit and swingline usage will reduce available capacity under the revolver.