NEW YORK--(BUSINESS WIRE)--Oct. 31, 2008--Loews Corporation (NYSE:
L) today announced it has agreed to purchase 21,184,609 newly issued
common units of Boardwalk Pipeline Partners, LP in a private placement
at a price of $23.13 per common unit, the closing price of Boardwalk's
common units on the New York Stock Exchange on October 30, 2008, for
aggregate proceeds of $490 million. In addition, Loews will contribute
$10 million on behalf of Boardwalk Pipeline's general partner to
maintain its 2% general partner interest.
The investment has been approved by the independent Conflicts
Committee of the general partner of Boardwalk Pipeline. Closing of the
transaction, which is subject to customary conditions, is expected to
take place on November 4, 2008. As previously announced, Boardwalk
Pipeline plans to use the net proceeds from the issuance to fund a
portion of the cost of its expansion projects.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of these securities and shall not
constitute an offer, solicitation or sale in any jurisdiction in which
such offer, solicitation or sale is unlawful. The common units that
are being sold in the private placement have not been registered under
the Securities Act of 1933, as amended, and may not be sold in the
United States absent registration or an applicable exemption from
Loews Corporation, a holding company, is one of the largest
diversified corporations in the United States. Its principal
subsidiaries are Boardwalk Pipeline Partners, LP (NYSE: BWP); CNA
Financial Corporation (NYSE: CNA); Diamond Offshore Drilling, Inc.
(NYSE: DO); HighMount Exploration & Production LLC; and Loews Hotels.
CONTACT: Loews Corporation
Peter W. Keegan, 212-521-2950
Chief Financial Officer
Darren Daugherty, 212-521-2788
Candace Leeds, 212-521-2416
SOURCE: Loews Corporation