May 27, 2011 at 09:15 AM EDT
Boardwalk Prices Public Offering of Common Units

Boardwalk Pipeline Partners, LP (NYSE:BWP) today announced that it has priced the public offering of 6,000,000 common units at $29.33 per unit. Boardwalk expects the offering to close on June 2, 2011. Boardwalk has granted the underwriters a 30-day option to purchase up to an additional 900,000 common units.

In connection with this offering, Boardwalk will receive net proceeds after offering expenses of approximately $173.5 million, including the general partner's proportionate capital contribution of $3.6 million to maintain its 2% general partner interest. Boardwalk expects to use the net proceeds from the offering, together with the amounts contributed by its general partner, to repay borrowings outstanding under the Partnership’s revolving credit facility but may use some or all of the proceeds for general partnership purposes, including retirement of other long-term debt.

Barclays Capital, BofA Merrill Lynch, Citi, J.P. Morgan 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:

  • Barclays Capital, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717. By telephone at (888) 603-5847 or by email at barclaysprospectus@broadridge.com;
  • BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or email dg.prospectus_requests@baml.com;
  • Citi, Brooklyn Army Terminal, Attn: Prospectus Dept., 140 58th Street, 8th floor, Brooklyn, NY 11220. By telephone (800) 831-9146 or by email at batprospectusdept@citi.com;
  • J.P. Morgan, via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717. By telephone at (866) 803-9204; or
  • Wells Fargo Securities, Attn: Equity Syndicate Dept., 375 Park Avenue, New York, NY 10152. By telephone at (800) 326-5897 or by email at cmclientsupport@wellsfargo.com.

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 April 29, 2010.

Boardwalk Pipeline Partners, LP, is a limited partnership engaged, through its subsidiaries, Gulf Crossing Pipeline Company LLC, Gulf South Pipeline Company, LP, and Texas Gas Transmission, LLC, in the interstate transportation and storage of natural gas. Boardwalk’s interstate natural gas pipeline systems have approximately 14,200 miles of pipeline and underground storage fields having aggregate working gas capacity of approximately 167 Bcf.

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

Contacts:

Boardwalk Pipeline Partners, LP
Allison McLean, 866-913-2122
Director of Investor Relations
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial Officer and Treasurer
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