Westlake Growth & Investment Strategy
Net Debt to EBITDA
Westlake History of Maintaining a Strong Balance Sheet
Strong Balance Sheet
With Significant
Availability to Support
Future Growth and
Investment
Cash
$1,908M
Fully Undrawn Revolver
$1,000M
0.9x
VS.
3.0x
Total Available Liquidity
Total Debt
-$3,000M
$5,180M
Net Debt
to EBITDA
Peer
Average
As of December 31st, 2021
Debt maturity life of ~17 years
compared to average peer
group of ~7 years
Strong Credit Ratings Support
Additional Funding
6.0x
5.0x
4.0x
3.0x
2.0x
1.0x
0.0x
2015
29
29
Temporary
Increase in debt
from Axiall
acquisition
S&P
BBB
Reduced
Retired
debt by
$500M+
Retired $1.2B
$254MM of
of debt
debt
2016
2017
■WLK
2018
Chemical
Source: FactSet: Chemical peers includes: EMN, HUN, OLN, LYB, DOW
Building products peer includes: JHX, FBHS, MAS, PGTI, DOOR, CNR, JELD
Fitch
BBB
Moody's
Baa2
Funded four
transformational
acquisitions
Westlake has consistently
maintained a strong balance sheet
while making significant investments
in the business
2019
Building
2020
2021
WestlakeView entire presentation