NEW YORK--(BUSINESS WIRE)--Aug. 16, 2005--Loews Corporation (NYSE:
LTR) announced today that its wholly-owned subsidiary, Boardwalk
Pipeline Partners, LP, has filed a registration statement on Form S-1
with the Securities and Exchange Commission for a proposed
underwritten initial public offering of 15 million of its common
units, plus an option for the underwriters to purchase up to an
additional 2.25 million common units. All of the units will be sold by
Boardwalk Pipeline Partners, LP.
Boardwalk Pipeline Partners, LP was formed to become the parent of
Boardwalk Pipelines, LLC, a subsidiary of Loews. Boardwalk Pipelines,
LLC is engaged, through its subsidiaries - Texas Gas Transmission, LLC
and Gulf South Pipeline Company, LP - in the interstate
transportation, gathering and storage of natural gas. A subsidiary of
Loews will be the general partner of Boardwalk Pipeline Partners, LP.
Application will be made to list the common units, which represent
limited partnership interests in Boardwalk Pipeline Partners, LP, on
the New York Stock Exchange under the symbol "BWP."
As currently filed, the common units offered to the public will
represent approximately 15 percent of the outstanding equity of
Boardwalk Pipeline Partners, LP, or approximately 16 percent if the
underwriters exercise in full their over-allotment option. Loews will
indirectly own the remaining equity interests in Boardwalk Pipeline
Citigroup Global Markets Inc. and Lehman Brothers Inc. will act as
joint book-running managers and representatives of the underwriters.
This offering of common units will be made only by means of a
prospectus. A written prospectus meeting the requirements of Section
10 of the Securities Act of 1933, when available, may be obtained from
Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th
Street, 8th floor, Brooklyn, New York, 11220, Attention: Prospectus
Department; phone: 718-765-6732; or Lehman Brothers Inc., c/o ADP
Financial Services, Prospectus Fulfillment, 1155 Long Island Avenue,
Edgewood, New York 11717; phone: 631-254-7106.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not yet
become effective. The securities may not be sold, nor may offers to
buy be accepted, prior to the time the registration statement becomes
effective. This news release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state.
Statements contained in this press release that are not historical
facts are "forward-looking statements" within the meaning of the
federal securities laws. Forward-looking statements, including
statements regarding the completion of the proposed initial public
offering and any of the terms thereof, are inherently uncertain and
subject to a variety of risks that could cause actual results to
differ materially from those expected by management of Loews or
Boardwalk Pipeline Partners, LP.
CONTACT: Loews Corporation
Peter W. Keegan, 212-521-2950
Candace Leeds, 212-521-2416
Joshua E. Kahn, 212-521-2788
SOURCE: Loews Corporation