Long-Term Debt Payable to Westlake |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt Payable to Westlake | Long-Term Debt Long-term debt payable to Westlake consisted of the following:
As of March 31, 2026, outstanding borrowings under the OpCo Revolver and the MLP Revolver bore interest at the Secured Overnight Financing Rate, as administered by the Federal Reserve Bank of New York ("SOFR") plus the Applicable Margin plus a 0.10% credit spread adjustment. The Applicable Margin under the OpCo Revolver is 1.75%. The Applicable Margin under the MLP Revolver varies between 1.75% and 2.75%, depending on the Partnership's Consolidated Leverage Ratio. The OpCo Revolver and the MLP Revolver are scheduled to mature on July 12, 2027. The weighted average interest rate on all long-term debt was 5.5% and 5.8% at March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, the Partnership was in compliance with all of the covenants under the OpCo Revolver and the MLP Revolver.
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