Loews Corp. purchases common units of Boardwalk Pipeline Partners LP
Published by Elizabeth Corner,
Senior Editor
World Pipelines,
Loews Corporation has announced that Boardwalk GP, LP, the general partner of Boardwalk Pipeline Partners, LP and an indirect wholly-owned subsidiary of Loews, has elected to exercise its right to purchase all of the issued and outstanding common units representing limited partner interests in the Partnership not already owned by the General Partner or its affiliates pursuant to Section 15.1(b) of the Partnership's Third Amended and Restated Agreement of Limited Partnership, as amended.
The General Partner received the opinion of counsel required by Section 15.1(b) of the Limited Partnership Agreement on June 29, 2018.
The General Partner will purchase the Transaction Units on 18 July 2018 for a cash purchase price of US$12.06 per Transaction Unit, or approximately US$1.50 billion in the aggregate. The purchase price was determined in accordance with Section 15.1(b) of the Limited Partnership Agreement based on the average of the daily closing prices per Common Unit on the New York Stock Exchange for the 180 consecutive trading days ending on 29 June 2018.
As of the Purchase Date, all rights of the holders of the Transaction Units will cease, except for the right to receive payment of the purchase price. Upon completion of the purchase on the Purchase Date, Boardwalk Pipelines Holding Corp., a wholly-owned subsidiary of Loews, will own, directly or indirectly, 100% of the Common Units. In addition, upon completion of the purchase, the Common Units will cease to be publicly traded or listed on the NYSE, and will not be listed or quoted on any other venue.
Read the article online at: https://www.worldpipelines.com/business-news/09072018/loews-corp-purchases-common-units-of-boardwalk-pipeline-partners-lp/
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