Akin Gump Advises Westlake Chemical Partners Conflicts Committee in Acquisition and New Credit Facility
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(Houston) – Akin Gump has advised the conflicts committee of the board of directors of the general partner of Westlake Chemical Partners LP in the acquisition of approximately 2.7 percent of additional limited partner interest in Westlake Chemical OpCo LP for approximately $135 million.
The transaction, which closed today, is expected to be immediately accretive to Westlake Partners’ distributable cash flow. Westlake Partners has also established a $300 million revolving credit facility with a wholly owned subsidiary of Westlake Chemical Corporation to fund acquisitions and for general corporate purposes.
The Akin Gump team advising the conflicts committee included Chris LaFollette, partner in charge of the Houston office, John Goodgame and Phyllis Young, all partners in the oil and gas practice; Tom Weir and Alison Chen, partners in the tax practice; and Cynthia Angell, an associate in the oil and gas practice.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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