Westlake Chemical Partners LP Closes Initial Public Offering
HOUSTON, Texas, August 4, 2014 – Westlake Chemical Partners LP (the “Partnership”), a Westlake company, today announced the closing of the Partnership’s initial public offering of 12,937,500 common units representing limited partner interests in the Partnership (the “Common Units”) at $24.00 per common unit. The Common Units issued at closing included 1,687,500 common units that were issued pursuant to the full exercise of the underwriters’ option to purchase additional Common Units. The Common Units began trading on the New York Stock Exchange on July 30, 2014 under the symbol “WLKP.”
The Common Units represent an approximate 47.8% limited partner interest in the Partnership, with Westlake Chemical Corporation and its affiliates owning the remaining approximate 52.2% limited partner interest in the Partnership, the general partner interest in the Partnership and the Partnership incentive distribution rights.
Barclays and UBS Investment Bank acted as joint book-running managers and structuring agents for this offering. BofA Merrill Lynch, Morgan Stanley and Deutsche Bank Securities acted as joint book-running managers for this offering. J.P. Morgan, Wells Fargo Securities and Goldman, Sachs & Co. acted as co-managers for the offering. The offering of these securities was made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. A copy of the final prospectus may be obtained from:
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Toll-Free: (888) 603-5847
UBS Investment Bank
Attn: Prospectus Department
299 Park Avenue
New York, New York 10171
Toll-Free: (888) 827-7275
You may also obtain a copy of the final prospectus free of charge at the SEC’s website, www.sec.gov, under the registrant’s name “Westlake Chemical Partners LP.”
About Westlake Chemical Partners
Westlake Chemical Partners LP is a limited partnership formed to operate, acquire and develop ethylene production facilities and related assets. It is headquartered in Houston, Texas.
This release may include “forward-looking statements” within the meaning of federal securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Partnership’s control. All statements, other than historical facts included in this release, are forward-looking statements. All forward-looking statements speak only as of the date of this release. Although the Partnership believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.
This release contains certain forward-looking statements that are based on current plans and expectations and are subject to various risks and uncertainties. The Partnership’s business and any offering may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond the Partnership’s control. These factors include, but are not limited to, changes to business plans as circumstances warrant. For a full discussion of these risks and uncertainties, please refer to the “Risk Factors” section of the Partnership’s Registration Statement on Form S-1 and the information included in subsequent filings it makes with the SEC. The Partnership refers you to those discussions for further information.