Boardwalk Pipelines prices US$ 350 million offering of senior notes

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

Boardwalk intends to use a portion of the net proceeds of approximately US$ 343.2 million from this offering (after deducting the underwriting discount and estimated offering expenses) to retire all of the outstanding US$ 275 millionaggregate principal amount of Gulf South's 5.05% notes due 2015 on or prior to 2 February 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.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.worldpipelines.com/business-news/20112014/boardwalk-pipelines-prices-us-350-million-offering-of-senior-notes-1043/