Boardwalk Pipeline Partners hopes to become nearly $330 million richer with an offering of new units. The company is floating 11 million of its common units in an underwritten public issue priced at $30.12 apiece. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 1.65 million units
Boardwalk said it plans to use the estimated $327.4 million net proceeds of the issue largely to retire debt. It might also use the monies for capital expenditures for what it terms "growth projects."
The joint book-running managers of the issue include Citigroup, Goldman Sachs, Morgan Stanley, and Wells Fargo's Securities unit. The offering is expected to close on June 4.
The article Boardwalk Pipeline Partners Floats New Units Issue originally appeared on Fool.com.
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