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Westlake Chemical Partners proposes IPO
30
Apr '14
Westlake Chemical Corporation announced that one of its wholly owned subsidiaries, Westlake Chemical Partners LP ("Chemical Partners"), has filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") relating to its proposed initial public offering of common units representing limited partner interests. 
 
Chemical Partners is a Delaware limited partnership recently formed by Westlake to operate, acquire and develop ethylene production facilities and related assets. Chemical Partners' initial assets are expected to consist of the general partner interest and a portion of the limited partner interest in Westlake Chemical OpCo LP, which will own and operate ethylene production and pipeline assets.
 
The number of common units to be offered and the price range for the offering have not been determined. Chemical Partners intends to apply for a listing of the common units on the New York Stock Exchange under the symbol "WLKP." Westlake will own the general partner of Chemical Partners and all of its incentive distribution rights and expects to retain a majority of Chemical Partners' units representing limited partner interests.
 
Barclays Capital Inc. and UBS Securities LLC will act as the joint book-running managers for the proposed offering. The offering of common units will be made only by means of a prospectus.
 
Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company's range of products includes ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC resin and PVC building products, including pipe and specialty components, windows, and fence.
 

Westlake Chemical


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