By Devika Patel
Knoxville, Tenn., June 23 - Boardwalk Pipeline Partners, LP said it has arranged to sell $150 million of units in a private placement.
The company will sell 6,684,857 common units at $21.99 per unit to a subsidiary of Loews Corp. for $147 million. The company's general partner also will contribute an additional $3 million to maintain its 2% general partner interest.
Settlement is expected on June 26.
Proceeds will be used to reduce borrowings under the company's revolving credit facility and for expansion projects.
Boardwalk is an Owensboro, Ky., interstate transportation and natural gas storage company.
| Issuer: | Boardwalk Pipeline Partners, LP
|
| Issue: | Units
|
| Amount: | $150 million
|
| Price: | $21.99
|
| Warrants: | No
|
| Investor: | Loews Corp. subsidiary (for ($147 million)
|
| Pricing date: | June 23
|
| Settlement date: | June 26
|
| Stock symbol: | NYSE: BWP
|
| Stock price: | $21.99 at close June 22
|
| Market capitalization: | $3.99 billion
|
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