Akin Gump Advises Westlake Chemical Partners Conflicts Committee in Purchase of Additional Interest in Westlake Chemical OpCo
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(Houston) – Akin Gump has advised the conflicts committee of Westlake Chemical Partners LP (the “Partnership”) in its agreement to acquire an additional 4.5 percent limited partner interest in Westlake Chemical OpCo LP (“OpCo”) on a fully diluted basis for approximately $201.4 million.
The Partnership intends to finance the acquisition with borrowings under its revolving credit facility and the proceeds of a private placement of common units representing limited partner interests of the Partnership. The acquisition, which is expected to close on March 29 and will be effective January 1, 2019, is expected to be immediately accretive to the Partnership’s MLP distributable cash flow.
The Akin Gump team advising the conflicts committee included energy partners John Goodgame and Lisa Hearn, energy associate Katherine Raymond and tax partner Jocelyn Tau.
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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