NEW YORK - Boardwalk Pipeline Partners L.P. (NYSE: BWP) announced on Jan. 20 that a new public offering of eight million units would be priced at a 3.4 percent discount) to the unit’s Jan. 19 closing price.
Units were down 4.2 percent pre-market at $27.29, below the offered price of $27.55 and the Jan. 19 close of $28.51. The stock closed at $27.50, down $1.01 on the day.
The oil-and-gas transporter has expanded its pipeline network in the shale-gas regions of the Southeast as its transportation volumes grow.
Loews Corp., a conglomerate led by New York's Tisch family, holds a roughly 20 percent stake in Boardwalk.
Boardwalk Pipeline said it expects to raise about $217.5 million. The partnership may use some or all of the proceeds for other general partnership purposes, which may include acquiring additional equity interests in Boardwalk HP Storage Company, LLC, a joint venture between the partnership and Boardwalk Pipelines Holding Corp., an affiliate of the partnership's general partner.
The partnership has granted underwriters a 30-day option to purchase up to an additional 1,200,000 common units.
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