HOUSTON--(BUSINESS WIRE)--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.