Westlake Chemical Partners LP Prices Offering of Common Units

  Westlake Chemical Partners LP Prices Offering of Common Units

Business Wire

HOUSTON -- September 26, 2017

Westlake Chemical Partners LP (NYSE: WLKP) (the “Partnership”) announced that
it has priced an underwritten public offering of 4,500,000 common units
representing limited partner interests in the Partnership at a price of $22.00
per common unit (before the underwriters’ discount and offering expenses). The
Partnership has granted the underwriters a 30-day option to purchase up to an
additional 675,000 common units at the public offering price less the
underwriting discount. The offering is scheduled to close on September 29,
2017, subject to customary closing conditions.

The Partnership intends to use the net proceeds from this offering, along with
borrowings under its revolving credit facility, to fund its obligations under
the concurrently announced acquisition of an additional limited partner
interest in Westlake Chemical OpCo LP (“OpCo”), which will increase the
Partnership’s limited partner interest in OpCo by 5.0% to approximately 18.3%
(the “OpCo Equity Purchase”). Pending the use of proceeds for such purpose, or
if the OpCo Purchase is not consummated for any reason, the Partnership
intends to use the net proceeds from this offering for general partnership
purposes. OpCo intends to use the proceeds it receives from the OpCo Equity
Purchase to repay borrowings under its intercompany debt agreements with
Westlake Chemical Corporation.

The common units are being offered and will be sold pursuant to an effective
shelf registration statement that was previously filed with the Securities and
Exchange Commission (“SEC”). This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor shall there
be any sale of these securities in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of such states. The offering is being made only by means of a
prospectus and related prospectus supplement meeting the requirements of
Section 10 of the Securities Act of 1933, as amended.

UBS Investment Bank, Citigroup, Barclays and BofA Merrill Lynch are acting as
joint book-running managers for the offering. A copy of the preliminary
prospectus supplement and accompanying base prospectus relating to the
offering may be obtained for free by visiting EDGAR on the SEC website at
www.sec.gov or by sending a request to:

UBS Securities LLC              Citigroup Global Markets Inc.

1285 Avenue of the Americas     c/o Broadridge Financial Solutions

New York, NY 10019              1155 Long Island Avenue

Attention: Prospectus Dept.     Edgewood, NY 11717

Telephone: (888) 827-7275       Telephone: (800) 831-9146

The statements in this release that are not historical facts, but
forward-looking statements, including the consummation of the described
acquisition and offering, could be adversely affected by to 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 for the
projections contained herein, please refer to the Partnership’s Annual Report
on Form 10-K for the year ended December 31, 2016.

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, Texas, the
Partnership, following the closing of the acquisition described above, is
expected to own an approximately 18.3% interest in Westlake Chemical OpCo LP.
Westlake Chemical OpCo LP's assets consist of three ethylene production
facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an
ethylene pipeline.

View source version on businesswire.com:


Westlake Chemical Partners LP
Media Relations
L. Benjamin Ederington, 713-585-2900
Investor Relations
Steve Bender, 713-585-2900
Press spacebar to pause and continue. Press esc to stop.