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Westlake Chemical Partners LP
12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Westlake Chemical Partners LP
Westlake Chemical Partners LP
On August 4, 2014, Westlake Partners completed its initial public offering (the "IPO") of 12,937,500 common units at a price of $24.00 per unit. Net proceeds to Westlake Partners from the sale of the units was approximately $286, net of underwriting discounts, structuring fees and offering expenses of approximately $24. At the consummation of the IPO, Westlake Partners' assets consisted of a 10.6% limited partner interest in OpCo, as well as the general partner interest in OpCo. Immediately after the IPO, the Company retained an 89.4% limited partner interest in OpCo and a significant interest in Westlake Partners. The IPO represented the sale of 47.8% of the common units in Westlake Partners.
Westlake Partners purchased additional 2.7% and 5.0% newly-issued limited partner interests in OpCo on April 29, 2015 and on September 29, 2017, respectively.
On September 29, 2017, Westlake Partners completed a secondary offering of 5,175,000 common units at a price of $22.00 per unit. Net proceeds to Westlake Partners from the sale of the units were $111, net of underwriting discounts, structuring fees and estimated offering expenses of approximately $3. At December 31, 2017, Westlake Partners had a 18.3% limited partner interest in OpCo, and the Company retained an 81.7% limited partner interest in OpCo and a significant interest in Westlake Partners.