Westlake Chemical to use revolver borrowings to finance acquisition

By Sarah Lizee

Olympia, Wash., March 27 – Westlake Chemical Partners LP plans to use borrowings under its revolving credit facility to help finance an acquisition, according to a press release.

The company announced Wednesday that it agreed to acquire an additional 4.5% limited partner interest in Westlake Chemical OpCo LP on a fully diluted basis for about $201.4 million.

The acquisition will increase the partnership's limited partner interest in the operating company to about 22.8% from about 18.3%.

Westlake Chemical Partners will also use proceeds from a private placement of common units to finance the transaction.

Westlake Chemical OpCo intends to use the proceeds it receives in connection with the acquisition to repay borrowings under its intercompany debt agreements with WestlakeChemical Corp.

Based in Houston, Westlake Chemical is an international manufacturer and supplier of petrochemicals, polymers and building products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.