Boardwalk Prices $500 Million Offering of Senior Notes

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Aug 04, 2020, 17:58 ET

HOUSTON, Aug. 4, 2020 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (the "Company") today announced that its wholly owned subsidiary, Boardwalk Pipelines, LP ("Boardwalk"), has priced a public offering of $500.0 million aggregate principal amount of 3.40% senior notes due 2031. Boardwalk expects the offering to close on August 11, 2020, subject to customary closing conditions.

Boardwalk intends to use a portion of the net proceeds of approximately $495.1 million from this offering (after deducting the underwriting discount and estimated offering expenses) to retire all of the outstanding $440.0 million aggregate principal amount of the 4.50% notes due 2021 of Texas Gas Transmission, LLC at or near maturity. The remainder of the net proceeds will be used for general partnership purposes, which may include, among other things, growth capital expenditures, repayment of future maturities of long-term debt and additions to working capital. Pending such use, Boardwalk intends to temporarily use the proceeds to reduce borrowings under its revolving credit facility.

Barclays, J.P. Morgan, Mizuho Securities, MUFG, BMO Capital Markets, Citigroup, Regions Securities LLC, TD Securities, Truist Securities, US Bancorp and Wells Fargo Securities are acting as the joint book-running managers for the offering. BofA Securities, Goldman Sachs & Co. LLC, Morgan Stanley and RBC Capital Markets 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 the Company with the Securities and Exchange Commission ("SEC"). Copies of these documents may be obtained by contacting:

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

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

Mizuho Securities USA LLC
Attn: Debt Capital Markets
1271 Avenue of the Americas, 3rd Floor
New York, NY 10020
Telephone: (866) 271-7403

MUFG Securities Americas Inc.
Attn: Capital Markets Group
1221 Avenue of the Americas, 6th Floor
New York, NY 10020
Telephone: (877) 649-6848

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 is a midstream limited partnership that transports and stores natural gas and liquids for its customers.

Forward-Looking Statements

This press release contains forward-looking statements relating to expectations, plans or prospects for the Company 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 the Company's control and the risk factors and other cautionary statements discussed in the Company's filings with the SEC.

Investor Contacts:

Jillian Kirkconnell
Investor Relations and Corporate Communications
(866) 913-2122
[email protected]

SOURCE Boardwalk Pipeline Partners, LP