Boardwalk (BWP) Announces $150 Million Equity Investment by Loews Corporation (L)
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Boardwalk Pipeline Partners, LP (NYSE: BWP) has agreed to sell 6,684,857 newly issued common units to a subsidiary of Loews Corporation (NYSE: L) in a private placement at a price of $21.99 per common unit, the closing price of the common units on the New York Stock Exchange on June 22, 2009, for aggregate proceeds of $147 million. The general partner of Boardwalk Pipeline will also contribute $3 million to maintain its 2% general partner interest for aggregate proceeds of $150 million. The private placement has been approved by the independent Conflicts Committee of the general partner. Closing of the transaction, which is subject to customary conditions, is expected to take place on June 26, 2009.
Boardwalk Pipeline also announced that on June 12, 2009 it borrowed the remaining $100 million available under the $200 million subordinated loan facility with a Loews subsidiary which was announced in May 2009. Boardwalk Pipeline plans to use the proceeds from the private placement and the subordinated loan to fund a portion of the cost of its expansion projects and reduce borrowings under its revolving credit facility.
Boardwalk Pipeline Partners, LP, is a limited partnership engaged, through its subsidiaries, Gulf Crossing Pipeline Company LLC, Gulf South Pipeline Company, LP, and Texas Gas Transmission, LLC, in the interstate transportation and storage of natural gas. [SM]
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