Westlake Chemical Partners LP IPO Info
Company Name: Westlake Chemical Partners LP
Stock Symbol: WLKP
Exchange: NYSE
Status: Priced
IPO Date: 7/30/2014
IPO Price:
24.00 (
20.83%)
Underwriters
Barclays, UBS Investment Bank, BofA Merrill Lynch and Deutsche Bank
Amount of Offering: N/A
Number of Shares Offered: 11.25 Mil
Shares Outstanding After Offering: N/A
Valuation: N/A
Company Description
Westlake Chemical Partners LP is a Delaware limited partnership recently formed by Westlake to operate, acquire and develop ethylene production facilities and related assets. Westlake is a vertically integrated, international manufacturer and marketer of basic chemicals, polymers, and fabricated building products. Our business and operations are conducted through OpCo, a recently formed partnership between Westlake and us. At the consummation of this offering, our assets will consist of a 10% limited partner interest in OpCo as well as the general partner interest in OpCo. Because we own OpCo�s general partner, we have control over all of OpCo�s assets and operations. Westlake has retained a 90% limited partner interest in OpCo and will retain a significant interest in us through its ownership of our general partner as well as 55.7% of our limited partner units (consisting of 1,436,115 common units and all of the subordinated units) and our incentive distribution rights.
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