Left in the lurch for $1 billion by the collapse of investment bank Lehman Brothers Holdings, Boardwalk Pipeline Partners was forced to come up with new financing to finish a $4.8 billion pipeline expansion program.rnStepping to the plate to help finance the projects, the bulk of which are scheduled to be completed early next year, is Boardwalk's corporate parent Loews, which pledged $1 billion in stock. Boardwalk also plans a $950 million drawdown of its corporate credit line, it announced last week.rn"This equity backstop from Loews sees to Boardwalk's liquidity and financing needs related to what remains of its current pipeline expansion program," Moody's Investors Service analyst William Hess said. "It also provides the company with some flexibility to await more favorable conditions in the master limited partnership market."
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