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Section 1: SC 13D/A (SC 13D/A)

SC 13D/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934*

(Amendment No. 2)

 

 

WESTLAKE CHEMICAL PARTNERS LP

(Name of Issuer)

Common Units Representing Limited Partner Interests

(Title of Class of Securities)

960417103

(CUSIP Number)

John G. Finley

c/o The Blackstone Group L.P.

345 Park Avenue

New York, New York 10154

Tel: (212) 583-5000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

March 30, 2018

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box: ☐

 

 

NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


SCHEDULE 13D

 

CUSIP No. 960417103    2

 

  1       

  NAMES OF REPORTING PERSONS

 

   Harvest Fund Holdco L.P.

  2      

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

  (a)  ☐        (b)  ☒

 

  3      

  SEC USE ONLY

 

  4      

  SOURCE OF FUNDS (See Instructions)

 

   OO

  5      

  CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

   ☐

  6      

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

   Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    7     

  SOLE VOTING POWER

 

   0

  8     

  SHARED VOTING POWER

 

   0

  9     

  SOLE DISPOSITIVE POWER

 

   0

  10     

  SHARED DISPOSITIVE POWER

 

   0

11      

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

   0

12      

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

  ☐

13      

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

   0.0%

14      

  TYPE OF REPORTING PERSON (See Instructions)

 

   PN


SCHEDULE 13D

 

CUSIP No. 960417103    3

 

  1       

  NAMES OF REPORTING PERSONS

 

   Blackstone Harvest Holdco L.L.C.

  2      

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

  (a)  ☐        (b)  ☒

 

  3      

  SEC USE ONLY

 

  4      

  SOURCE OF FUNDS (See Instructions)

 

   OO

  5      

  CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

   ☐

  6      

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

   Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    7     

  SOLE VOTING POWER

 

   0

  8     

  SHARED VOTING POWER

 

   0

  9     

  SOLE DISPOSITIVE POWER

 

   0

  10     

  SHARED DISPOSITIVE POWER

 

   0

11      

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

   0

12      

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

  ☐

13      

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

   0.0%

14      

  TYPE OF REPORTING PERSON (See Instructions)

 

   OO


SCHEDULE 13D

 

CUSIP No. 960417103    4

 

  1       

  NAMES OF REPORTING PERSONS

 

   Blackstone Intermediary Holdco L.L.C.

  2      

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

  (a)  ☐        (b)  ☒

 

  3      

  SEC USE ONLY

 

  4      

  SOURCE OF FUNDS (See Instructions)

 

   OO

  5      

  CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

   ☐

  6      

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

   Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    7     

  SOLE VOTING POWER

 

   0

  8     

  SHARED VOTING POWER

 

   0

  9     

  SOLE DISPOSITIVE POWER

 

   0

  10     

  SHARED DISPOSITIVE POWER

 

   0

11      

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

   0

12      

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

  ☐

13      

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

   0.0%

14      

  TYPE OF REPORTING PERSON (See Instructions)

 

   OO


SCHEDULE 13D

 

CUSIP No. 960417103    5

 

  1       

  NAMES OF REPORTING PERSONS

 

   Blackstone Advisory Partners L.P.

  2      

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

  (a)  ☐        (b)  ☒

 

  3      

  SEC USE ONLY

 

  4      

  SOURCE OF FUNDS (See Instructions)

 

   OO

  5      

  CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

   ☐

  6      

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

   Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    7     

  SOLE VOTING POWER

 

   0

  8     

  SHARED VOTING POWER

 

   0

  9     

  SOLE DISPOSITIVE POWER

 

   0

  10     

  SHARED DISPOSITIVE POWER

 

   0

11      

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

   0

12      

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

  ☐

13      

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

   0.0%

14      

  TYPE OF REPORTING PERSON (See Instructions)

 

   PN


SCHEDULE 13D

 

CUSIP No. 960417103    6

 

  1       

  NAMES OF REPORTING PERSONS

 

   Blackstone Advisory Services L.L.C.

  2      

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

  (a)  ☐        (b)  ☒

 

  3      

  SEC USE ONLY

 

  4      

  SOURCE OF FUNDS (See Instructions)

 

   OO

  5      

  CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

   ☐

  6      

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

   Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    7     

  SOLE VOTING POWER

 

   0

  8     

  SHARED VOTING POWER

 

   0

  9     

  SOLE DISPOSITIVE POWER

 

   0

  10     

  SHARED DISPOSITIVE POWER

 

   0

11      

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

   0

12      

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

  ☐

13      

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

   0.0%

14      

  TYPE OF REPORTING PERSON (See Instructions)

 

   OO


SCHEDULE 13D

 

CUSIP No. 960417103    7

 

  1       

  NAMES OF REPORTING PERSONS

 

   Blackstone Holdings I L.P.

  2      

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

  (a)  ☐        (b)  ☒

 

  3      

  SEC USE ONLY

 

  4      

  SOURCE OF FUNDS (See Instructions)

 

   OO

  5      

  CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

   ☐

  6      

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

   Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    7     

  SOLE VOTING POWER

 

   0

  8     

  SHARED VOTING POWER

 

   0

  9     

  SOLE DISPOSITIVE POWER

 

   0

  10     

  SHARED DISPOSITIVE POWER

 

   0

11      

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

   0

12      

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

  ☐

13      

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

   0.0%

14      

  TYPE OF REPORTING PERSON (See Instructions)

 

   PN


SCHEDULE 13D

 

CUSIP No. 960417103    8

 

  1       

  NAMES OF REPORTING PERSONS

 

   Blackstone Holdings I/II GP Inc.

  2      

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

  (a)  ☐        (b)  ☒

 

  3      

  SEC USE ONLY

 

  4      

  SOURCE OF FUNDS (See Instructions)

 

   OO

  5      

  CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

   ☐

  6      

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

   Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    7     

  SOLE VOTING POWER

 

   0

  8     

  SHARED VOTING POWER

 

   0

  9     

  SOLE DISPOSITIVE POWER

 

   0

  10     

  SHARED DISPOSITIVE POWER

 

   0

11      

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

   0

12      

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

  ☐

13      

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

   0.0%

14      

  TYPE OF REPORTING PERSON (See Instructions)

 

   CO


SCHEDULE 13D

 

CUSIP No. 960417103    9

 

  1       

  NAMES OF REPORTING PERSONS

 

   The Blackstone Group L.P.

  2      

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

  (a)  ☐        (b)  ☒

 

  3      

  SEC USE ONLY

 

  4      

  SOURCE OF FUNDS (See Instructions)

 

   OO

  5      

  CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

   ☐

  6      

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

   Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    7     

  SOLE VOTING POWER

 

   0

  8     

  SHARED VOTING POWER

 

   0

  9     

  SOLE DISPOSITIVE POWER

 

   0

  10     

  SHARED DISPOSITIVE POWER

 

   0

11      

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

   0

12      

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

  ☐

13      

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

   0.0%

14      

  TYPE OF REPORTING PERSON (See Instructions)

 

   PN


SCHEDULE 13D

 

CUSIP No. 960417103    10

 

  1       

  NAMES OF REPORTING PERSONS

 

   Blackstone Group Management L.L.C.

  2      

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

  (a)  ☐        (b)  ☒

 

  3      

  SEC USE ONLY

 

  4      

  SOURCE OF FUNDS (See Instructions)

 

   OO

  5      

  CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

   ☐

  6      

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

   Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    7     

  SOLE VOTING POWER

 

   0

  8     

  SHARED VOTING POWER

 

   0

  9     

  SOLE DISPOSITIVE POWER

 

   0

  10     

  SHARED DISPOSITIVE POWER

 

  0

11      

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

   0

12      

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

  ☐

13      

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

   0.0%

14      

  TYPE OF REPORTING PERSON (See Instructions)

 

   OO


SCHEDULE 13D

 

CUSIP No. 960417103    11

 

  1       

  NAMES OF REPORTING PERSONS

 

   Stephen A. Schwarzman

  2      

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

  (a)  ☐        (b)  ☒

 

  3      

  SEC USE ONLY

 

  4      

  SOURCE OF FUNDS (See Instructions)

 

   OO

  5      

  CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

   ☐

  6      

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

   United States of America

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    7     

  SOLE VOTING POWER

 

   0

  8     

  SHARED VOTING POWER

 

   0

  9     

  SOLE DISPOSITIVE POWER

 

   0

  10     

  SHARED DISPOSITIVE POWER

 

   0

11      

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

   0

12      

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

  ☐

13      

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

   0.0%

14      

  TYPE OF REPORTING PERSON (See Instructions)

 

   IN


Explanatory Note

This Amendment No. 2 (“Amendment No. 2”) to Schedule 13D relates to common units representing limited partner interests (the “Common Units”) of Westlake Chemical Partners LP, a Delaware limited partnership (the “Issuer”), and amends the initial statement on Schedule 13D filed on October 26, 2017 (the “Original Schedule 13D”), as amended by Amendment No. 1 to the Schedule 13D filed on March 23, 2018 (the Original Schedule 13D, as amended, the “Schedule 13D”). Capitalized terms used but not defined in this Amendment No. 2 shall have the same meanings ascribed to them in the Schedule 13D.

Harvest Fund Advisors LLC (“HFA”), an investment management firm with over $10 billion in assets under management, initially filed a Schedule 13G with respect to the Common Units of the Issuer pursuant to Rule 13d-1(b) under the Securities Exchange Act of 1934, as amended, on August 11, 2014. On October 16, 2017, a subsidiary of The Blackstone Group L.P. acquired HFA. In connection with that acquisition, The Blackstone Group L.P. and certain of its affiliates (the “Blackstone Reporting Persons”) may have been deemed to have become the beneficial owner of the securities beneficially owned by HFA at such time, including the securities of the Issuer, and HFA and the Blackstone Reporting Persons together reported beneficial ownership of such securities on a Schedule 13D.

As of March 30, 2018, the business comprising HFA (the “HFA Business”) will calculate and report beneficial ownership over securities separately from the rest of The Blackstone Group L.P. and its affiliates other than those comprising the HFA Business (“Blackstone”), in accordance with Securities and Exchange Commission Release No. 34-39538 (the “Release”). As a result of the foregoing, and as reflected in this Amendment, the Blackstone Reporting Persons ceased to be beneficial owners of more than 5% of the securities of the Issuer on March 30, 2018. The securities of the Issuer beneficially owned by the HFA Business are being separately reported on a Schedule 13G, which filing will not reflect securities, if any, beneficially owned by Blackstone, whose ownership has been disaggregated from that of the HFA Business in accordance with the Release.

Item 2. Identity and Background

Item 2 of the Schedule 13D is hereby amended to reflect the removal of HFA as a Reporting Person on this Schedule 13D as described in the Explanatory Note above.

Item 5. Interest in Securities of the Issuer.

Item 5 of the Schedule 13D is hereby amended and restated as follows:

(a) and (b). None of the Reporting Persons beneficially owns any Common Units as of March 30, 2018.

(c) Except as set forth in Schedule 1 of this Schedule 13D (which reflects transactions prior to the disaggregation of the HFA Business from the rest of Blackstone as of March 30, 2018), as of March 30, 2018, none of the Reporting Persons has effected any transaction since those reported on Amendment No. 1 to the Schedule 13D filed by the Reporting Persons on March 23, 2018.

(d) Not applicable.

(e) Upon the disaggregation of the HFA Business from the rest of Blackstone as of March 30, 2018, the Reporting Persons ceased to beneficially own more than five percent of the outstanding Common Units.


SIGNATURES

After reasonable inquiry and to the best of its or his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: April 3, 2018

 

HARVEST FUND HOLDCO L.P.
By: Blackstone Harvest Holdco L.L.C., its General Partner
By:  

/s/ Marisa Beeney

Name:   Marisa Beeney
Title:   Authorized Person
BLACKSTONE HARVEST HOLDCO L.L.C.
By: Blackstone Intermediary Holdco L.L.C., its Sole Member
By: Blackstone Advisory Partners L.P., its Sole Member
By: Blackstone Advisory Services L.L.C., its General Partner
By: Blackstone Holdings I L.P., its Sole Member
By: Blackstone Holdings I/II GP Inc., its General Partner
By:  

/s/ John G. Finley

Name:   John G. Finley
Title:   Chief Legal Officer
BLACKSTONE INTERMEDIARY HOLDCO L.L.C.
By: Blackstone Advisory Partners L.P., its Sole Member
By: Blackstone Advisory Services L.L.C., its General Partner
By: Blackstone Holdings I L.P., its Sole Member
By: Blackstone Holdings I/II GP Inc., its General Partner
By:  

/s/ John G. Finley

Name:   John G. Finley
Title:   Chief Legal Officer
BLACKSTONE ADVISORY PARTNERS L.P.
By: Blackstone Advisory Services L.L.C., its General Partner
By: Blackstone Holdings I L.P., its Sole Member
By: Blackstone Holdings I/II GP Inc., its General Partner
By:  

/s/ John G. Finley

Name:   John G. Finley
Title:   Chief Legal Officer

[Westlake Chemical Partners LP – Schedule 13D/A]


BLACKSTONE ADVISORY SERVICES L.L.C.
By: Blackstone Holdings I L.P., its Sole Member
By: Blackstone Holdings I/II GP Inc., its General Partner
By:  

/s/ John G. Finley

Name:   John G. Finley
Title:   Chief Legal Officer
BLACKSTONE HOLDINGS I L.P.
By: Blackstone Holdings I/II GP Inc., its General Partner
By:  

/s/ John G. Finley

Name:   John G. Finley
Title:   Chief Legal Officer
BLACKSTONE HOLDINGS I/II GP INC.
By:  

/s/ John G. Finley

Name:   John G. Finley
Title:   Chief Legal Officer
THE BLACKSTONE GROUP L.P.
By: Blackstone Group Management L.L.C., its General Partner
By:  

/s/ John G. Finley

Name:   John G. Finley
Title:   Chief Legal Officer
BLACKSTONE GROUP MANAGEMENT L.L.C.
By:  

/s/ John G. Finley

Name:   John G. Finley
Title:   Chief Legal Officer

/s/ Stephen A. Schwarzman

Stephen A. Schwarzman

[Westlake Chemical Partners LP – Schedule 13D/A]


SCHEDULE 1

As of March 30, 2018, the below reflects the transactions in Common Units effected by the Reporting Persons since those reported on Amendment No. 1 to the Schedule 13D filed by the Reporting Persons on March 23, 2018. All transactions occurred in the open market.

 

Date

   Common Units
Purchase/(Sold)
    Weighted Average
Trading Price per
Common Unit
    

Seller/Purchaser

3/26/2018

     6,438     $ 22.7250      Harvest Fund Advisors LLC*

3/26/2018

     (6,438   $ 22.7250      Harvest Fund Advisors LLC*

3/27/2018

     (10,100   $ 22.6500      Harvest Fund Advisors LLC*

3/28/2018

     4,800     $ 22.4224      Harvest Fund Advisors LLC*

 

* Reflects transactions in the Common Units effected by Harvest Fund Advisors LLC on behalf of the funds and accounts it manages on or prior to the disaggregation of the HFA Business from the rest of Blackstone as of March 30, 2018.
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