Westlake Chemical Partners LP Announces Second Quarter Distribution and Extension of Revolving Credit Facility
- $0.3650 cents per unit distribution declared payable on August 29, 2017
HOUSTON--(BUSINESS WIRE)--Aug. 1, 2017-- The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP) declared today a distribution of $0.3650 per unit, representing a 2.85% increase from the first quarter 2017 distribution. This is the twelfth quarterly distribution announced by the Partnership since its successful Initial Public Offering (IPO) closing on August 4, 2014. The distribution will be payable on August 29, 2017, to unit holders of record on August 15, 2017.
The Board of Directors also approved the renewal and extension to April 29, 2021 of the Company’s $300 Million revolving credit agreement with a subsidiary of Westlake Chemical Corporation.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
About Westlake Chemical Partners LP
Westlake Chemical Partners is a limited partnership formed by Westlake Chemical Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, Texas, the Partnership owns a 13.3% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets include three facilities in Calvert City, Kentucky, and Lake Charles, Louisiana which process ethane and propane into ethylene, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com/.
Source: Westlake Chemical Partners LP
Westlake Chemical Partners LP
Ben Ederington, 713.585.2900
Steve Bender, 713.585.2900