HOUSTON -- (Business Wire)
Boardwalk Pipeline Partners, LP (NYSE:BWP) today announced that its
wholly-owned subsidiary, Boardwalk Pipelines, LP (“Boardwalk”), has
priced a public offering of $300 million aggregate principal amount of
3.375% senior notes due February 1, 2023. Boardwalk expects the offering
to close on November 8, 2012.
Boardwalk intends to use the net proceeds from the offering of
approximately $297.5 million to repay all indebtedness outstanding under
its subordinated loan agreement with Boardwalk Pipelines Holding Corp.,
a wholly-owned subsidiary of Loews Corporation and the parent of its
general partner, and to reduce outstanding borrowings under its
revolving credit facility.
Barclays, Citigroup and Deutsche Bank Securities are acting as joint
book-running managers for the offering. A copy of the final prospectus
supplement relating to this offering, when available, may be obtained
from any of the underwriters, including:
Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717. By telephone at (888) 603-5847 or
by email at email@example.com;
Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717. By telephone at (800) 831-9146 or by email
Deutsche Bank Securities, Attn: Prospectus Group, 60 Wall Street, New
York, NY 10005-2836. By telephone at (800) 503-4611 or by email at prospectus.CPDG@db.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities 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 jurisdiction. The
offer is being made only through the prospectus supplement and
accompanying base prospectus, which is part of a registration statement
that became effective on April 29, 2010.
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master
limited partnership that provides transportation, storage, gathering and
processing of natural gas and liquids for its customers.The
Partnership and its subsidiaries operate approximately 14,540 miles of
pipelines and underground storage caverns with an aggregate working gas
capacity of approximately 197 billion cubic feet (Bcf) and liquids
capacity of approximately 20 million barrels.The Partnership is
a subsidiary of Loews Corporation (NYSE: L), which holds 55% of the
Partnership’s equity, excluding incentive distribution rights.Additional
information about the Partnership can be found on its website at www.bwpmlp.com.
This press release contains forward-looking statements relating to
expectations, plans or prospects for Boardwalk Pipeline Partners, LP and
its subsidiaries. These statements are based upon the current
expectations and beliefs of management and are subject to certain risks
and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. These risks and
uncertainties include market conditions and other factors beyond
Boardwalk Pipeline Partners, LP’s control and the risk factors and other
cautionary statements discussed in Boardwalk’s filings with the U.S.
Securities and Exchange Commission.
Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Investor Relations and Corporate Communications
Senior VP, Chief Financial and Administrative
Source: Boardwalk Pipeline Partners, LP
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