HOUSTON--(BUSINESS WIRE)--Oct. 5, 2018--
Westlake Chemical Partners LP (NYSE: WLKP) (the “Partnership”) today
announced the commencement of an At-The-Market program and that it has
entered into an Equity Distribution Agreement (the “Agreement”) with UBS
Investment Bank; Barclays; BofA Merrill Lynch; Citigroup; Deutsche Bank
Securities; RBC Capital Markets; and Wells Fargo Securities
(collectively, the “Managers”). Pursuant to the terms of the Agreement,
the Partnership may offer and sell common units representing limited
partner interests in the Partnership (the “Common Units”) from time to
time to or through the Managers, as the Partnership’s sales agents or as
principals, having an aggregate offering amount of up to $50,000,000.
The Partnership intends to use the net proceeds of sales of the Common
Units for general partnership purposes, including the funding of
potential drop-downs and other acquisitions.
The Common Units will be offered and sold pursuant to an effective shelf
registration statement on Form S-3 that was previously filed with the
Securities and Exchange Commission (“SEC”). Copies of the prospectus
supplement and accompanying base prospectus relating to the offering may
be obtained on the SEC website at http://www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein, nor
shall there be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. The offering may be made only by means of a prospectus
supplement and accompanying base prospectus.
The statements in this release relating to matters that are not
historical facts, such as the consummation of sales of Common Units
under the At-The-Market program and the use of proceeds therefrom, are
forward-looking statements. These forward-looking statements could be
adversely affected by a variety of known and unknown risks,
uncertainties and other factors that are difficult to predict and many
of which are beyond management’s control. The Partnership’s expectations
may or may not be realized or may be based upon assumptions or judgments
that prove to be incorrect. For more detailed information about the
factors that could cause actual results to differ materially from the
forward-looking statements contained herein, please refer to the
Partnership’s Annual Report on Form 10-K for the year ended December 31,
2017, which was filed with the SEC in March 2018.
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, the
Partnership owns an 18.3% 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.
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Source: Westlake Chemical Partners LP
Westlake Chemical Partners LP
Benjamin Ederington, 713.585.2900
Steve Bender, 713.585.2900