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Westlake Chemical commences 'Initial Public Offering'
23
Jul '14
Westlake Chemical Partners LP, a Westlake company, announced the commencement of its initial public offering of 11,250,000 common units representing limited partner interests in the Partnership, at an anticipated initial public offering price between $19.00 and $21.00 per common unit, pursuant to a registration statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission (the "SEC"). The Partnership also expects to grant the underwriters a 30-day option to purchase up to an additional 1,687,500 common units. 
 
The common units being offered represent an approximate 44.3% limited partner interest in the Partnership (or an approximate 47.8% limited partner interest if the underwriters exercise in full their option to purchase additional common units).
 
Westlake Chemical Corporation and its affiliates will own the remaining approximately 55.7% limited partner interest in the Partnership (or approximately 52.2% limited partner interest if the underwriters exercise in full their option to purchase additional common units), the general partner of the Partnership and the Partnership's incentive distribution rights.
 
Barclays and UBS Investment Bank will act as joint book-running managers and structuring agents for the offering. BofA Merrill Lynch, Morgan Stanley and Deutsche Bank Securities will also act as joint book-running managers. Goldman, Sachs & Co., J.P. Morgan and Wells Fargo Securities will act as co-managers for the offering.
 
About Westlake Chemical Partners LP
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.
 

Westlake Chemical


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