Baker Botts Represents Underwriters in Offering of Common Units of Westlake Chemical Partners LP
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 5.0% limited partner interest in Westlake Chemical OpCo LP (“OpCo”), which will increase the Partnership’s limited partner interest in OpCo to approximately 18.3% (the “OpCo Equity Purchase”). Pending the use of proceeds for such purpose, or if the OpCo Equity 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.
UBS Investment Bank, Citigroup, Barclays and BofA Merrill Lynch are acting as joint bookrunning managers for the offering.
Baker Botts represented the underwriters in connection with the offering.
Baker Botts Lawyers/Office Involved:
- Corporate: Josh Davidson (Partner, Houston); Tim Taylor (Partner, Houston); Carina Antweil (Senior Associate, Houston); Lakshmi Ramanathan (Associate, Houston); Ieuan List (Associate, Houston)
- Tax: Chuck Campbell (Special Counsel, Houston)
- Environmental: Matt Kuryla (Partner, Houston); Ty’Meka Reeves-Sobers (Associate, Austin)
For more information, please see Westlake Chemical Partners LP’s news release.
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