Boardwalk Pipeline Partners Prices Public Offering at $30.12; Shares Fall 5%


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Boardwalk Pipeline Partners ( BWP ) is down almost 5% to $29.84 just after the opening bell as it priced a public offering of 11 million common units at $30.12 per unit.

BWP expects the offering to close on June 4, 2013. The firm has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 common units.

In connection with this offering, BWP will receive net proceeds after offering expenses of approximately $327.4 million, including the general partner's proportionate capital contribution of $6.8 million to maintain its 2% general partner interest. The company expects to use the net proceeds from the offering to repay borrowings outstanding.

Shares of BWP trade within a 52-week range of $23.55 - $31.74.

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This article appears in: Investing , Commodities

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