Long-term Debt Payable to Westlake

9 Months Ended

Sep. 30, 2020

Long-term debt payable to Westlake consists of the following:



	September 30, 2020		December 31, 2019
OpCo Revolver (variable interest rate of London Interbank Offered Rate ("LIBOR") plus 2.0%, scheduled maturity of September 25, 2023)	$	22,619	$	22,619
MLP Revolver (variable interest rate of LIBOR plus 2.0%, scheduled maturity of March 19, 2023)	377,055		377,055
	$	399,674	$	399,674

On April 30, 2019, the Partnership repaid $201,445 of borrowings under the OpCo Revolver.

On March 29, 2019, the Partnership borrowed $123,511 under the MLP Revolver to partially fund the purchase of the additional 4.5% interest in OpCo. On March 19, 2020, the Partnership entered into an amendment to the MLP Revolver, to extend the maturity date to March 19, 2023 and add a phase-out provision for LIBOR, which is to be replaced by an alternate benchmark rate. The amended Credit Agreement bears interest at a variable rate of either (a) LIBOR plus 2.0% or, if LIBOR is no longer available, (b) Alternate Base Rate plus 1.0%.

The weighted average interest rate on all long-term debt was 2.3% and 4.1%, respectively, at September 30, 2020 and December 31, 2019.

As of September 30, 2020, the Partnership was in compliance with all of the covenants under the OpCo Revolver and the MLP Revolver.