NEW YORK, June 29, 2018 /PRNewswire/ -- Loews
Corporation (NYSE: L) ("Loews") announced today that Boardwalk GP,
LP (the "General Partner"), the general partner of Boardwalk
Pipeline Partners, LP (NYSE: BWP) (the "Partnership") and an
indirect wholly-owned subsidiary of Loews, has elected to exercise
its right to purchase all of the issued and outstanding common
units representing limited partner interests ("Common Units") in
the Partnership not already owned by the General Partner or its
affiliates (the "Transaction Units") pursuant to Section 15.1(b) of
the Partnership's Third Amended and Restated Agreement of Limited
Partnership, as amended (the "Limited Partnership Agreement"). The
General Partner received the opinion of counsel required by Section
15.1(b) of the Limited Partnership Agreement on June 29, 2018.
The General Partner will purchase the Transaction Units on
July 18, 2018 (the "Purchase Date")
for a cash purchase price of $12.06
per Transaction Unit, or approximately $1.50
billion in the aggregate. The purchase price was determined
in accordance with Section 15.1(b) of the Limited Partnership
Agreement based on the average of the daily closing prices per
Common Unit on the New York Stock Exchange ("NYSE") for the 180
consecutive trading days ending on June 29,
2018.
As of the Purchase Date, all rights of the holders of the
Transaction Units will cease, except for the right to receive
payment of the purchase price. Upon completion of the purchase on
the Purchase Date, Boardwalk Pipelines Holding Corp., a
wholly-owned subsidiary of Loews, will own, directly or indirectly,
100 percent of the Common Units. In addition, upon completion of
the purchase, the Common Units will cease to be publicly traded or
listed on the NYSE, and will not be listed or quoted on any other
venue.
About Loews: Loews Corporation is a diversified company
with three publicly-traded subsidiaries – CNA Financial Corporation
(NYSE: CNA), Diamond Offshore Drilling, Inc. (NYSE: DO) and
Boardwalk Pipeline Partners, LP (NYSE: BWP) – and two non-public
operating subsidiaries – Loews Hotels & Co and Consolidated
Container Company LLC. For more information, please visit
www.loews.com.
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SOURCE Loews Corporation