Boardwalk Prices $350 Million Offering Of Senior Notes

News provided by

Nov 19, 2014, 05:30 ET

HOUSTON, Nov. 19, 2014 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE:BWP) today announced that its wholly-owned subsidiary, Boardwalk Pipelines, LP ("Boardwalk"), has priced a public offering of $350 million aggregate principal amount of 4.95% senior notes due December 15, 2024. Boardwalk expects the offering to close on November 26, 2014, subject to customary closing conditions.

Boardwalk intends to use a portion of the net proceeds of approximately $343.2 million from this offering (after deducting the underwriting discount and estimated offering expenses) to retire all of the outstanding $275 million aggregate principal amount of Gulf South's 5.05% notes due 2015 on or prior to February 2, 2015 and the remainder of the net proceeds will be used to reduce outstanding borrowings under its revolving credit facility.

Barclays, J.P. Morgan, Citigroup, Deutsche Bank Securities, MUFG and Wells Fargo Securities are acting as joint book-running managers for the offering. BB&T Capital Markets, BBVA, Fifth Third Securities, Goldman, Sachs & Co., Mizuho Securities, Morgan Stanley, RBC Capital Markets and UBS Investment Bank are acting as co-managers for the offering.

The offering is being made only through the prospectus supplement and accompanying base prospectus, which is part of an effective shelf registration statement previously filed by BWP with the SEC. Copies of these documents may be obtained by contacting:

Barclays
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
[email protected]

J.P. Morgan Securities LLC
383 Madison Avenue
New York, NY 10179
Attention: Investment Grade Syndicate Desk, 3^rd Floor
Telephone: (212) 834-4533

Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (800) 831-9146
[email protected]

Deutsche Bank Securities Inc.
Attn: Prospectus Group
60 Wall Street
New York, NY 10005-2836
Telephone: (800) 503-4611
Email: [email protected]

Mitsubishi UFJ Securities (USA), Inc.
1633 Broadway, 29^th Floor
New York, NY 10019
Attention: Capital Markets Group
Telephone: (877) 649-6848

Wells Fargo Securities, LLC
Attention: WFS Customer Service
608 2^nd Avenue
South Minneapolis, MN 55402
Telephone: (800) 645-3751
Email: [email protected]

You may also obtain these documents for free when they are available by visiting EDGAR on the SEC's website at www.sec.gov.

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.

About Boardwalk Pipeline Partners, LP
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 own and operate approximately 14,625 miles of natural gas and liquids pipelines and underground storage caverns with an aggregate working gas capacity of approximately 207 billion cubic feet and liquids capacity of approximately 18 million barrels. The Partnership is a subsidiary of Loews Corporation (NYSE: L), which holds 53% of the Partnership's equity, excluding incentive distribution rights.

Forward-Looking Statements
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.

CONTACT:
Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director, Investor Relations and Corporate Communications

Jamie Buskill, 713-479-8082
Senior Vice President, Chief Financial and Administrative Officer and Treasurer

Logo - http://photos.prnewswire.com/prnh/20130521/MM18411LOGO

SOURCE Boardwalk Pipeline Partners, LP