Boardwalk Pipeline Partners LP (NYSE:BWP) reports that its wholly owned subsidiary, Boardwalk Pipelines LP (Boardwalk), has priced a public offering of $350 million aggregate principal amount of 4.95% senior notes due Dec. 15, 2024. Boardwalk expects the offering to close on Nov. 26.
Boardwalk intends to use a portion of the net proceeds of $343.2 million from this offering (after deducting the underwriting discount and estimated offering expenses) to retire all of the outstanding $275 million aggregate principal amount of Gulf South's 5.05% notes due 2015 on or prior to Feb. 2, 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.