Boardwalk Prices $550 Million Offering Of Senior Notes

HOUSTON, May 11, 2016 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE:BWP) today announced that its wholly-owned subsidiary, Boardwalk Pipelines, LP ("Boardwalk"), has priced a public offering of $550 million aggregate principal amount of 5.95% senior notes due 2026. Boardwalk expects the offering to close on May 16, 2016, subject to customary closing conditions.

Boardwalk intends to use the net proceeds of approximately $539 million from this offering (after deducting the underwriting discount and estimated offering expenses) 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, Deutsche Bank Securities, J.P. Morgan, Citigroup, Mizuho Securities, MUFG, RBC Capital Markets and Wells Fargo Securities are acting as joint book-running managers for the offering. BB&T Capital Markets, BofA Merrill Lynch, Goldman, Sachs & Co., Morgan Stanley, Regions Securities LLC, Santander Investment Securities Inc. and US Bancorp 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 Capital Inc. 
c/o Broadridge Financial Solutions 
1155 Long Island Avenue 
Edgewood, NY 11717 
Telephone: (888) 603-5847 
[email protected]

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

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

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.

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.

Investor Contacts:

Molly Ladd Whitaker, 866-913-2122 
Director of Investor Relations and Corporate Communications 
[email protected]

or

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

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SOURCE Boardwalk Pipeline Partners, LP