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BOARDWALK PIPELINE PARTNERS
Symbol U : BWP
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Boardwalk Prices $300 Million Offering of Senior Notes

2012-11-05 15:36 ET - News Release


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 barclaysprospectus@broadridge.com;
  • Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717. By telephone at (800) 831-9146 or by email at batprospectusdept@citi.com; or
  • 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.

Contacts:

Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director, Investor Relations and Corporate Communications
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer

Source: Boardwalk Pipeline Partners, LP

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