Brief: Westlake Chemical Partners Lp Announces Acquisition Of Additional Interest In Westlake Chemical Opco And Private Placement Of Common Units

Westlake Chemical Partners LP

27/03/2019 11:42

March 27 (Reuters) - Westlake Chemical Partners LP  WLKP.N :
    * WESTLAKE CHEMICAL PARTNERS LP ANNOUNCES ACQUISITION OF
ADDITIONAL INTEREST IN WESTLAKE CHEMICAL OPCO AND PRIVATE
PLACEMENT OF COMMON UNITS
    * WESTLAKE CHEMICAL PARTNERS LP - DEAL FOR APPROXIMATELY
$201.4
MILLION
    * WESTLAKE CHEMICAL PARTNERS LP - PARTNERSHIP INTENDS TO
FINANCE
ACQUISITION WITH BORROWINGS UNDER ITS REVOLVING CREDIT FACILITY
    * WESTLAKE CHEMICAL PARTNERS LP - AGREED TO ACQUIRE AN
ADDITIONAL
4.50% LIMITED PARTNER INTEREST IN WESTLAKE CHEMICAL OPCO LP
    * WESTLAKE CHEMICAL PARTNERS LP - DEAL EXPECTED TO BE
IMMEDIATELY
ACCRETIVE TO PARTNERSHIP'S MLP DISTRIBUTABLE CASH FLOW.
    * WESTLAKE CHEMICAL PARTNERS - ACQUISITION WILL INCREASE
PARTNERSHIP'S LIMITED PARTNER INTEREST IN OPCO FROM
APPROXIMATELY 18.3% TO APPROXIMATELY 22.8%
    * WESTLAKE CHEMICAL PARTNERS LP - ALSO INTENDS TO FINANCE
ACQUISITION FROM PROCEEDS OF A PRIVATE PLACEMENT OF 2.9 MILLION
COMMON UNITS
    * WESTLAKE CHEMICAL PARTNERS LP - PRIVATE PLACEMENT WAS
PRICED AT
$21.40 PER COMMON UNIT
    * WESTLAKE CHEMICAL - WITH PRIVATE PLACEMENT, BELIEVE THERE
WILL
BE NO FURTHER NEED TO ACCESS EQUITY CAPITAL MARKETS DURING
REMAINDER OF 2019
    * WESTLAKE CHEMICAL PARTNERS LP - PRIVATE PLACEMENT IS
CONDITIONED
ON CONSUMMATION OF ACQUISITION.

Source text for Eikon:  ID:nBw46Y4F5a 
Further company coverage:  WLKP.N 

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