HOUSTON, April 29, 2014 /PRNewswire/ -- Westlake Chemical Corporation ("Westlake") (NYSE: WLK) announced today that one of its wholly owned subsidiaries, Westlake Chemical Partners LP ("Chemical Partners"), has filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") relating to its proposed initial public offering of common units representing limited partner interests. Chemical Partners is a Delaware limited partnership recently formed by Westlake to operate, acquire and develop ethylene production facilities and related assets.  Chemical Partners' initial assets are expected to consist of the general partner interest and a portion of the limited partner interest in Westlake Chemical OpCo LP, which will own and operate ethylene production and pipeline assets.

The number of common units to be offered and the price range for the offering have not been determined. Chemical Partners intends to apply for a listing of the common units on the New York Stock Exchange under the symbol "WLKP." Westlake will own the general partner of Chemical Partners and all of its incentive distribution rights and expects to retain a majority of Chemical Partners' units representing limited partner interests.

Barclays Capital Inc. and UBS Securities LLC will act as the joint book-running managers for the proposed offering. The offering of common units will be made only by means of a prospectus. A copy of the preliminary prospectus relating to this offering may be obtained, when available, from:

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. To review the registration statement free of charge, visit the SEC's website and search under "Westlake Chemical Partners LP."

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company's range of products includes ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC resin and PVC building products, including pipe and specialty components, windows, and fence. For more information, visit the company's Web site at http://www.westlake.com.

This release contains certain forward-looking statements that are based on current plans and expectations and are subject to various risks and uncertainties. Our business and any offering may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our control. These factors include, but are not limited to, changes to business plans as circumstances warrant and limited partner interests of Chemical Partners may not ultimately be offered to the public because of general market conditions or other factors. For a full discussion of these risks and uncertainties, please refer to the "Risk Factors" section of Chemical Partners' Registration Statement on Form S-1 and the information included in subsequent filings it makes with the SEC. We refer you to those discussions for further information.

SOURCE Westlake Chemical Corporation