Boardwalk Pipeline Partners, LP Prices Public Offering of Common Units

Boardwalk Pipeline Partners, LP Prices Public Offering of Common Units

HOUSTON--(BUSINESS WIRE)-- Boardwalk Pipeline Partners, LP (NYS: BWP) (the "Partnership") today announced that it has priced the public offering of 11,000,000 common units at $30.12 per unit. The Partnership expects the offering to close on June 4, 2013. The Partnership has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 common units.

In connection with this offering, the Partnership will receive net proceeds after offering expenses of approximately $327.4 million, including the general partner's proportionate capital contribution of $6.8 million to maintain its 2% general partner interest. The Partnership expects to use the net proceeds from the offering, together with amounts to be contributed by its general partner to maintain its 2% general partner interest, to repay borrowings outstanding under the Partnership's credit facility, but the Partnership may use a portion of the proceeds for other Partnership purposes, which may include funding capital expenditures for growth projects.

Barclays, Citigroup, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan, Morgan Stanley, RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities are acting as joint book-running managers for the common unit offering. A copy of the final prospectus supplement relating to this offering, when available, may be obtained from any of the underwriters, including:

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. The offer is being made only through the prospectus supplement and accompanying base prospectus, which is part of a registration statement that became effective on February 20, 2013.

About Boardwalk Pipeline Partners, LP

Boardwalk Pipeline Partners, LP (NYS: BWP) is a midstream master limited partnership that provides transportation, storage, gathering and processing of natural gas and liquids for its customers. Boardwalk and its subsidiaries own and operate approximately 14,410 miles of natural gas and liquids pipelines and underground storage caverns with an aggregate working gas capacity of approximately 201 billion cubic feet and liquids capacity of approximately 18 million barrels. Boardwalk is a subsidiary of Loews Corporation (NYS: L) , which holds 55% of Boardwalk's equity, excluding incentive distribution rights.

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 the Partnership's control and the risk factors and other cautionary statements discussed in Boardwalk's filings with the U.S. Securities and Exchange Commission.

Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS:

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