Westlake Announces Filing of Registration Statement for Westlake Chemical
Partners LP Initial Public Offering
HOUSTON, April 29, 2014
HOUSTON, April 29, 2014 /PRNewswire/ --Westlake Chemical Corporation
("Westlake") (NYSE: WLK) announced today 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. A copy of the preliminary
prospectus relating to this offering may be obtained, when available, from:
Barclays Capital Inc. UBS Securities LLC
Attn: Prospectus Department Attn: Prospectus Department
c/o Broadridge Financial Solutions 299 Park Avenue
1155 Long Island Avenue New York, New York 10171
Edgewood, New York 11717 Toll-Free: (888) 827-7275
Toll-Free: (888) 603-5847
A registration statement relating to these securities has been filed with the
SEC but has not yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration statement becomes
effective. To review the registration statement free of charge, visit the
SEC's website and search under "Westlake Chemical Partners LP."
This press release shall not constitute an offer to sell or a solicitation of
an offer to buy, 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
state or jurisdiction.
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. For more
information, visit the company's Web site at http://www.westlake.com.
This release contains certain forward-looking statements that are based on
current plans and expectations and are subject to various risks and
uncertainties. Our business and any offering may be influenced by many factors
that are difficult to predict, involve uncertainties that may materially
affect actual results and are often beyond our control. These factors include,
but are not limited to, changes to business plans as circumstances warrant and
limited partner interests of Chemical Partners may not ultimately be offered
to the public because of general market conditions or other factors. For a
full discussion of these risks and uncertainties, please refer to the "Risk
Factors" section of Chemical Partners' Registration Statement on Form S-1 and
the information included in subsequent filings it makes with the SEC. We refer
you to those discussions for further information.
SOURCE Westlake Chemical Corporation
Contact: Media Relations, David R. Hansen, 713.960.9111, or Investor
Relations, Steve Bender, 713.960.9111
Press spacebar to pause and continue. Press esc to stop.