|
Commission file number:
01-32665
|
||
|
||
BOARDWALK PIPELINE PARTNERS, LP
|
||
(Exact name of registrant as specified in its charter)
|
||
|
||
DELAWARE
|
||
(State or other jurisdiction of incorporation or organization)
|
||
|
||
20-3265614
|
||
(I.R.S. Employer Identification No.)
|
||
|
||
9 Greenway Plaza, Suite 2800
Houston, Texas 77046
(866) 913-2122
|
||
(Address and Telephone Number of Registrant’s Principal Executive Office)
|
||
Securities registered pursuant to Section 12(b) of the Act:
|
||
Title of each class
|
|
Name of each exchange on which registered
|
Common Units Representing Limited Partner Interests
|
|
New York Stock Exchange
|
Securities registered pursuant to Section 12(g) of the Act:
NONE
|
|
PART I - FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PART II - OTHER INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
June 30, 2016
|
|
December 31, 2015
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
161.8
|
|
|
$
|
3.1
|
|
Receivables:
|
|
|
|
|
|
||
Trade, net
|
99.9
|
|
|
117.2
|
|
||
Other
|
12.0
|
|
|
12.3
|
|
||
Gas transportation receivables
|
7.7
|
|
|
5.6
|
|
||
Gas and liquids stored underground
|
13.2
|
|
|
10.7
|
|
||
Prepayments
|
20.5
|
|
|
16.9
|
|
||
Other current assets
|
1.5
|
|
|
4.0
|
|
||
Total current assets
|
316.6
|
|
|
169.8
|
|
||
|
|
|
|
||||
Property, Plant and Equipment:
|
|
|
|
|
|
||
Natural gas transmission and other plant
|
9,741.0
|
|
|
9,504.7
|
|
||
Construction work in progress
|
272.7
|
|
|
201.9
|
|
||
Property, plant and equipment, gross
|
10,013.7
|
|
|
9,706.6
|
|
||
Less—accumulated depreciation and amortization
|
2,204.4
|
|
|
2,052.2
|
|
||
Property, plant and equipment, net
|
7,809.3
|
|
|
7,654.4
|
|
||
|
|
|
|
||||
Other Assets:
|
|
|
|
|
|
||
Goodwill
|
237.4
|
|
|
237.4
|
|
||
Gas stored underground
|
93.1
|
|
|
97.6
|
|
||
Other
|
138.7
|
|
|
141.1
|
|
||
Total other assets
|
469.2
|
|
|
476.1
|
|
||
|
|
|
|
||||
Total Assets
|
$
|
8,595.1
|
|
|
$
|
8,300.3
|
|
LIABILITIES AND PARTNERS' CAPITAL
|
June 30, 2016
|
|
December 31, 2015
|
||||
Current Liabilities:
|
|
|
|
||||
Payables:
|
|
|
|
||||
Trade
|
$
|
105.6
|
|
|
$
|
99.1
|
|
Affiliates
|
1.3
|
|
|
1.3
|
|
||
Other
|
21.0
|
|
|
19.5
|
|
||
Gas payables
|
5.1
|
|
|
4.7
|
|
||
Accrued taxes, other
|
50.8
|
|
|
47.3
|
|
||
Accrued interest
|
43.6
|
|
|
39.7
|
|
||
Accrued payroll and employee benefits
|
28.5
|
|
|
33.2
|
|
||
Deferred income
|
8.9
|
|
|
6.9
|
|
||
Customer rate refunds
|
—
|
|
|
16.3
|
|
||
Other current liabilities
|
44.3
|
|
|
46.4
|
|
||
Total current liabilities
|
309.1
|
|
|
314.4
|
|
||
|
|
|
|
||||
Long-term debt and capital lease obligation
|
3,625.5
|
|
|
3,459.3
|
|
||
|
|
|
|
||||
Other Liabilities and Deferred Credits:
|
|
|
|
|
|
||
Pension liability
|
24.6
|
|
|
24.3
|
|
||
Asset retirement obligation
|
44.7
|
|
|
38.1
|
|
||
Provision for other asset retirement
|
59.9
|
|
|
57.2
|
|
||
Payable to affiliate
|
16.0
|
|
|
16.0
|
|
||
Other
|
70.1
|
|
|
64.3
|
|
||
Total other liabilities and deferred credits
|
215.3
|
|
|
199.9
|
|
||
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
|
||
|
|
|
|
||||
Partners’ Capital:
|
|
|
|
|
|
||
Common units - 250.3 million units issued and outstanding
as of June 30, 2016, and December 31, 2015
|
4,439.5
|
|
|
4,326.2
|
|
||
General partner
|
87.1
|
|
|
84.8
|
|
||
Accumulated other comprehensive loss
|
(81.4
|
)
|
|
(84.3
|
)
|
||
Total partners’ capital
|
4,445.2
|
|
|
4,326.7
|
|
||
Total Liabilities and Partners' Capital
|
$
|
8,595.1
|
|
|
$
|
8,300.3
|
|
|
|
|
For the
Three Months Ended June 30, |
|
For the
Six Months Ended June 30, |
||||||||||||
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||
Transportation
|
|
|
$
|
269.8
|
|
|
$
|
256.9
|
|
|
$
|
575.7
|
|
|
$
|
546.5
|
|
Parking and lending
|
|
|
4.4
|
|
|
2.8
|
|
|
8.5
|
|
|
5.6
|
|
||||
Storage
|
|
|
23.6
|
|
|
20.9
|
|
|
44.6
|
|
|
40.2
|
|
||||
Other
|
|
|
8.5
|
|
|
18.0
|
|
|
22.5
|
|
|
36.0
|
|
||||
Total operating revenues
|
|
|
306.3
|
|
|
298.6
|
|
|
651.3
|
|
|
628.3
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fuel and transportation
|
|
|
11.6
|
|
|
24.8
|
|
|
31.9
|
|
|
52.9
|
|
||||
Operation and maintenance
|
|
|
48.3
|
|
|
53.4
|
|
|
91.7
|
|
|
94.7
|
|
||||
Administrative and general
|
|
|
35.5
|
|
|
31.8
|
|
|
70.2
|
|
|
62.4
|
|
||||
Depreciation and amortization
|
|
|
79.1
|
|
|
81.0
|
|
|
158.1
|
|
|
162.6
|
|
||||
Asset impairment
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Net gain on sale of operating assets
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||
Taxes other than income taxes
|
|
|
22.5
|
|
|
21.8
|
|
|
48.5
|
|
|
47.0
|
|
||||
Total operating costs and expenses
|
|
|
197.0
|
|
|
212.7
|
|
|
400.4
|
|
|
419.6
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
|
109.3
|
|
|
85.9
|
|
|
250.9
|
|
|
208.7
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Other Deductions (Income):
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
|
|
45.4
|
|
|
45.9
|
|
|
88.0
|
|
|
91.1
|
|
||||
Interest income
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|
(0.2
|
)
|
||||
Miscellaneous other income, net
|
|
|
(1.9
|
)
|
|
(0.4
|
)
|
|
(4.0
|
)
|
|
(0.6
|
)
|
||||
Total other deductions
|
|
|
43.4
|
|
|
45.4
|
|
|
83.8
|
|
|
90.3
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
|
|
65.9
|
|
|
40.5
|
|
|
167.1
|
|
|
118.4
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Income taxes
|
|
|
0.2
|
|
|
0.1
|
|
|
0.4
|
|
|
0.3
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income
|
|
|
$
|
65.7
|
|
|
$
|
40.4
|
|
|
$
|
166.7
|
|
|
$
|
118.1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income per Unit:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income per common unit
|
|
|
$
|
0.26
|
|
|
$
|
0.16
|
|
|
$
|
0.65
|
|
|
$
|
0.47
|
|
Weighted-average number of common units outstanding
|
|
|
250.3
|
|
|
250.3
|
|
|
250.3
|
|
|
247.3
|
|
||||
Cash distribution declared and paid to common units
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.20
|
|
|
$
|
0.20
|
|
|
|
For the
Three Months Ended June 30, |
|
For the
Six Months Ended June 30, |
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||||||
Net income
|
|
$
|
65.7
|
|
|
$
|
40.4
|
|
|
$
|
166.7
|
|
|
$
|
118.1
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reclassification adjustment transferred to Net income from cash flow hedges
|
|
0.6
|
|
|
0.6
|
|
|
1.2
|
|
|
1.2
|
|
|
||||
Pension and other postretirement benefit costs
|
|
1.1
|
|
|
(2.2
|
)
|
|
1.7
|
|
|
(4.3
|
)
|
|
||||
Total Comprehensive Income
|
|
$
|
67.4
|
|
|
$
|
38.8
|
|
|
$
|
169.6
|
|
|
$
|
115.0
|
|
|
|
For the
Six Months Ended June 30, |
||||||
OPERATING ACTIVITIES:
|
2016
|
|
2015
|
||||
Net income
|
$
|
166.7
|
|
|
$
|
118.1
|
|
Adjustments to reconcile net income to cash provided by operations:
|
|
|
|
|
|
||
Depreciation and amortization
|
158.1
|
|
|
162.6
|
|
||
Amortization of deferred costs
|
2.8
|
|
|
5.2
|
|
||
Asset impairment
|
—
|
|
|
0.1
|
|
||
Net gain on sale of operating assets
|
—
|
|
|
(0.1
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Trade and other receivables
|
17.6
|
|
|
5.3
|
|
||
Gas receivables and storage assets
|
(0.1
|
)
|
|
(13.1
|
)
|
||
Costs recoverable from customers
|
—
|
|
|
1.9
|
|
||
Other assets
|
(4.9
|
)
|
|
(1.8
|
)
|
||
Trade and other payables
|
(31.5
|
)
|
|
9.9
|
|
||
Other payables, affiliates
|
(0.1
|
)
|
|
(0.7
|
)
|
||
Gas payables
|
1.5
|
|
|
2.4
|
|
||
Accrued liabilities
|
2.3
|
|
|
(16.5
|
)
|
||
Other liabilities
|
(7.7
|
)
|
|
12.2
|
|
||
Net cash provided by operating activities
|
304.7
|
|
|
285.5
|
|
||
|
|
|
|
||||
INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Capital expenditures
|
(259.0
|
)
|
|
(136.3
|
)
|
||
Proceeds from sale of operating assets
|
0.1
|
|
|
0.1
|
|
||
Net cash used in investing activities
|
(258.9
|
)
|
|
(136.2
|
)
|
||
|
|
|
|
||||
FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Proceeds from long-term debt, net of issuance cost
|
539.1
|
|
|
247.1
|
|
||
Repayment of borrowings from long-term debt and term loan
|
—
|
|
|
(725.0
|
)
|
||
Proceeds from borrowings on revolving credit agreement
|
255.0
|
|
|
835.0
|
|
||
Repayment of borrowings on revolving credit agreement, including
financing fees
|
(630.0
|
)
|
|
(558.6
|
)
|
||
Principal payment of capital lease obligation
|
(0.2
|
)
|
|
(0.2
|
)
|
||
Advances from affiliates
|
0.1
|
|
|
0.1
|
|
||
Distributions paid
|
(51.1
|
)
|
|
(50.4
|
)
|
||
Proceeds from sale of common units
|
—
|
|
|
113.1
|
|
||
Capital contributions from general partner
|
—
|
|
|
2.3
|
|
||
Net cash provided by (used in) financing activities
|
112.9
|
|
|
(136.6
|
)
|
||
Increase in cash and cash equivalents
|
158.7
|
|
|
12.7
|
|
||
Cash and cash equivalents at beginning of period
|
3.1
|
|
|
6.6
|
|
||
Cash and cash equivalents at end of period
|
$
|
161.8
|
|
|
$
|
19.3
|
|
|
Partners' Capital
|
|
|
|
||||||||||||
|
Common
Units
|
|
General
Partner
|
|
Accumulated
Other Comp
Income (Loss)
|
|
|
Total Equity
|
||||||||
Balance January 1, 2015
|
$
|
4,095.1
|
|
|
$
|
80.0
|
|
|
$
|
(72.8
|
)
|
|
|
$
|
4,102.3
|
|
Add (deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
115.7
|
|
|
2.4
|
|
|
—
|
|
|
|
118.1
|
|
||||
Distributions paid
|
(49.4
|
)
|
|
(1.0
|
)
|
|
—
|
|
|
|
(50.4
|
)
|
||||
Sale of common units, net of
related transaction costs
|
113.1
|
|
|
—
|
|
|
—
|
|
|
|
113.1
|
|
||||
Capital contribution from
general partner
|
—
|
|
|
2.3
|
|
|
—
|
|
|
|
2.3
|
|
||||
Other comprehensive loss, net
of tax
|
—
|
|
|
—
|
|
|
(3.1
|
)
|
|
|
(3.1
|
)
|
||||
Balance June 30, 2015
|
$
|
4,274.5
|
|
|
$
|
83.7
|
|
|
$
|
(75.9
|
)
|
|
|
$
|
4,282.3
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance January 1, 2016
|
$
|
4,326.2
|
|
|
$
|
84.8
|
|
|
$
|
(84.3
|
)
|
|
|
$
|
4,326.7
|
|
Add (deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
163.4
|
|
|
3.3
|
|
|
—
|
|
|
|
166.7
|
|
||||
Distributions paid
|
(50.1
|
)
|
|
(1.0
|
)
|
|
—
|
|
|
|
(51.1
|
)
|
||||
Other comprehensive
income, net of tax
|
—
|
|
|
—
|
|
|
2.9
|
|
|
|
2.9
|
|
||||
Balance June 30, 2016
|
$
|
4,439.5
|
|
|
$
|
87.1
|
|
|
$
|
(81.4
|
)
|
|
|
$
|
4,445.2
|
|
|
Cash Flow Hedges
|
|
Pension and
Other
Postretirement Costs
|
|
Total
|
||||||
Beginning balance, April 1, 2016
|
$
|
(7.8
|
)
|
|
$
|
(75.3
|
)
|
|
$
|
(83.1
|
)
|
Reclassifications:
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
|
0.6
|
|
|
|
—
|
|
|
|
0.6
|
|
Pension and other postretirement benefit costs
|
|
—
|
|
|
|
1.1
|
|
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|||
Ending balance, June 30, 2016
|
$
|
(7.2
|
)
|
|
$
|
(74.2
|
)
|
|
$
|
(81.4
|
)
|
|
Cash Flow Hedges
|
|
Pension and
Other
Postretirement Costs
|
|
Total
|
||||||
Beginning balance, April 1, 2015
|
$
|
(10.2
|
)
|
|
$
|
(64.1
|
)
|
|
$
|
(74.3
|
)
|
Reclassifications:
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
|
0.6
|
|
|
|
—
|
|
|
|
0.6
|
|
Pension and other postretirement benefit costs
|
|
—
|
|
|
|
(2.2
|
)
|
|
|
(2.2
|
)
|
|
|
|
|
|
|
|
|
|
|||
Ending balance, June 30, 2015
|
$
|
(9.6
|
)
|
|
$
|
(66.3
|
)
|
|
$
|
(75.9
|
)
|
|
Cash Flow Hedges
|
|
Pension and
Other
Postretirement Costs
|
|
Total
|
||||||
Beginning balance, January 1, 2016
|
$
|
(8.4
|
)
|
|
$
|
(75.9
|
)
|
|
$
|
(84.3
|
)
|
Reclassifications:
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
|
1.2
|
|
|
|
—
|
|
|
|
1.2
|
|
Pension and other postretirement benefit costs
|
|
—
|
|
|
|
1.7
|
|
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|||
Ending balance, June 30, 2016
|
$
|
(7.2
|
)
|
|
$
|
(74.2
|
)
|
|
$
|
(81.4
|
)
|
|
Cash Flow Hedges
|
|
Pension and
Other
Postretirement Costs
|
|
Total
|
||||||
Beginning balance, January 1, 2015
|
$
|
(10.8
|
)
|
|
$
|
(62.0
|
)
|
|
$
|
(72.8
|
)
|
Reclassifications:
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
|
1.2
|
|
|
|
—
|
|
|
|
1.2
|
|
Pension and other postretirement benefit costs
|
|
—
|
|
|
|
(4.3
|
)
|
|
|
(4.3
|
)
|
|
|
|
|
|
|
|
|
|
|||
Ending balance, June 30, 2015
|
$
|
(9.6
|
)
|
|
$
|
(66.3
|
)
|
|
$
|
(75.9
|
)
|
As of June 30, 2016
|
|
|
|
|
Estimated Fair Value
|
||||||||||||||||
Financial Assets
|
|
Carrying Amount
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Cash and cash equivalents
|
|
$
|
161.8
|
|
|
|
$
|
161.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
161.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Long-term debt
|
|
$
|
3,627.1
|
|
(1)
|
|
$
|
—
|
|
|
$
|
3,688.5
|
|
|
$
|
—
|
|
|
$
|
3,688.5
|
|
As of December 31, 2015
|
|
|
|
|
Estimated Fair Value
|
||||||||||||||||
Financial Assets
|
|
Carrying Amount
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Cash and cash equivalents
|
|
$
|
3.1
|
|
|
|
$
|
3.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Long-term debt
|
|
$
|
3,460.6
|
|
(1)
|
|
$
|
—
|
|
|
$
|
3,299.7
|
|
|
$
|
—
|
|
|
$
|
3,299.7
|
|
|
Total
|
|
Common
Units
|
|
General Partner
and IDRs
|
||||||
Net income
|
$
|
65.7
|
|
|
|
|
|
||||
Declared distribution
|
25.6
|
|
|
$
|
25.1
|
|
|
$
|
0.5
|
|
|
Assumed allocation of undistributed net income
|
40.1
|
|
|
39.3
|
|
|
0.8
|
|
|||
Assumed allocation of net income attributable to limited
partner unitholders and general partner |
$
|
65.7
|
|
|
$
|
64.4
|
|
|
$
|
1.3
|
|
Weighted-average units outstanding
|
|
|
250.3
|
|
|
|
|||||
Net income per unit
|
|
|
$
|
0.26
|
|
|
|
|
Total
|
|
Common
Units
|
|
General Partner
and IDRs
|
||||||
Net income
|
$
|
40.4
|
|
|
|
|
|
||||
Declared distribution
|
25.6
|
|
|
$
|
25.1
|
|
|
$
|
0.5
|
|
|
Assumed allocation of undistributed net income
|
14.8
|
|
|
14.5
|
|
|
0.3
|
|
|||
Assumed allocation of net income attributable to limited
partner unitholders and general partner |
$
|
40.4
|
|
|
$
|
39.6
|
|
|
$
|
0.8
|
|
Weighted-average units outstanding
|
|
|
|
250.3
|
|
|
|
|
|||
Net income per unit
|
|
|
|
$
|
0.16
|
|
|
|
|
|
Total
|
|
Common
Units
|
|
General Partner
and IDRs
|
||||||
Net income
|
$
|
166.7
|
|
|
|
|
|
||||
Declared distribution
|
51.1
|
|
|
$
|
50.1
|
|
|
$
|
1.0
|
|
|
Assumed allocation of undistributed net income
|
115.6
|
|
|
113.3
|
|
|
2.3
|
|
|||
Assumed allocation of net income attributable to limited
partner unitholders and general partner |
$
|
166.7
|
|
|
$
|
163.4
|
|
|
$
|
3.3
|
|
Weighted-average units outstanding
|
|
|
250.3
|
|
|
|
|||||
Net income per unit
|
|
|
$
|
0.65
|
|
|
|
|
Total
|
|
Common
Units
|
|
General Partner
and IDRs
|
||||||
Net income
|
$
|
118.1
|
|
|
|
|
|
||||
Declared distribution
|
51.1
|
|
|
$
|
50.1
|
|
|
$
|
1.0
|
|
|
Assumed allocation of undistributed net income
|
67.0
|
|
|
65.7
|
|
|
1.3
|
|
|||
Assumed allocation of net income attributable to limited
partner unitholders and general partner |
$
|
118.1
|
|
|
$
|
115.8
|
|
|
$
|
2.3
|
|
Weighted-average units outstanding
|
|
|
|
247.3
|
|
|
|
|
|||
Net income per unit
|
|
|
|
$
|
0.47
|
|
|
|
|
Date of
Issuance |
|
Issuing Subsidiary
|
|
Amount of
Issuance |
|
Purchaser
Discounts and Expenses |
|
Net
Proceeds |
|
Interest
Rate |
|
Maturity Date
|
|
Interest Payable
|
|||||||||
May 2016
|
|
Boardwalk Pipelines
|
|
$
|
550.0
|
|
|
$
|
10.9
|
|
|
|
$
|
539.1
|
|
|
(1)
|
5.95%
|
|
June 1, 2026
|
|
June 1 and December 1
|
|
March 2015
|
|
Boardwalk Pipelines
|
|
$
|
250.0
|
|
|
$
|
2.9
|
|
|
|
$
|
247.1
|
|
|
(2)
|
4.95%
|
|
December 15, 2024
|
|
June 15 and December 15
|
(1)
|
The net proceeds of this offering will be used to retire the outstanding
$250.0 million
aggregate principal amount of Boardwalk Pipelines
5.875%
notes due 2016 (Boardwalk Pipelines 2016 Notes) and the outstanding
$300.0 million
aggregate principal amount of Boardwalk Pipelines
5.50%
notes due 2017 (Boardwalk Pipelines 2017 Notes). Initially, the Partnership used the net proceeds to reduce outstanding borrowings under its revolving credit facility. The Partnership expects to retire all of the outstanding aggregate principal amount of Boardwalk Pipeline 2016 Notes and Boardwalk Pipeline 2017 Notes, with borrowings under its revolving credit facility, at their maturity.
|
(2)
|
The net proceeds of this offering were used to retire a portion of the outstanding
$250.0 million
aggregate principal amount of Texas Gas Transmission, LLC's (Texas Gas)
4.60%
notes due 2015 (Texas Gas 2015 Notes). Initially, the Partnership used the net proceeds to reduce outstanding borrowings under its revolving credit facility. Subsequently, on June 1, 2015, the Partnership retired the Texas Gas 2015 Notes with borrowings under its revolving credit facility.
|
|
Retirement Plans
|
|
PBOP
|
||||||||||||
|
For the
Three Months Ended June 30, |
|
For the
Three Months Ended June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Service cost
|
$
|
0.9
|
|
|
$
|
1.0
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Interest cost
|
1.2
|
|
|
1.2
|
|
|
0.5
|
|
|
0.5
|
|
||||
Expected return on plan assets
|
(2.0
|
)
|
|
(2.3
|
)
|
|
(1.2
|
)
|
|
(1.1
|
)
|
||||
Amortization of prior service credit
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
(1.9
|
)
|
||||
Amortization of unrecognized net loss (gain)
|
0.6
|
|
|
0.4
|
|
|
—
|
|
|
(0.1
|
)
|
||||
Settlement charge
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Regulatory asset decrease
|
—
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit cost
|
$
|
1.9
|
|
|
$
|
0.8
|
|
|
$
|
(0.8
|
)
|
|
$
|
(2.5
|
)
|
|
Retirement Plans
|
|
PBOP
|
||||||||||||
|
For the
Six Months Ended June 30, |
|
For the
Six Months Ended June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Service cost
|
$
|
1.8
|
|
|
$
|
2.0
|
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
Interest cost
|
2.4
|
|
|
2.4
|
|
|
1.0
|
|
|
1.0
|
|
||||
Expected return on plan assets
|
(4.0
|
)
|
|
(4.6
|
)
|
|
(2.4
|
)
|
|
(2.3
|
)
|
||||
Amortization of prior service credit
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
(3.8
|
)
|
||||
Amortization of unrecognized net loss
|
1.2
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
||||
Settlement charge
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Regulatory asset decrease
|
—
|
|
|
1.0
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit cost
|
$
|
3.4
|
|
|
$
|
1.6
|
|
|
$
|
(1.7
|
)
|
|
$
|
(4.9
|
)
|
|
For the
Six Months Ended June 30, |
||||||
|
2016
|
|
2015
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest (net of amount capitalized)
|
$
|
78.7
|
|
|
$
|
91.4
|
|
Non-cash adjustments:
|
|
|
|
||||
Accounts payable and property, plant and equipment
|
94.6
|
|
|
51.3
|
|
Assets
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Cash and cash equivalents
|
|
$
|
0.4
|
|
|
$
|
155.9
|
|
|
$
|
5.5
|
|
|
$
|
—
|
|
|
$
|
161.8
|
|
Receivables
|
|
—
|
|
|
—
|
|
|
111.9
|
|
|
—
|
|
|
111.9
|
|
|||||
Receivables - affiliate
|
|
—
|
|
|
—
|
|
|
7.7
|
|
|
(7.7
|
)
|
|
—
|
|
|||||
Gas and liquids stored underground
|
|
—
|
|
|
—
|
|
|
13.2
|
|
|
—
|
|
|
13.2
|
|
|||||
Prepayments
|
|
0.4
|
|
|
—
|
|
|
20.1
|
|
|
—
|
|
|
20.5
|
|
|||||
Advances to affiliates
|
|
—
|
|
|
0.2
|
|
|
41.3
|
|
|
(41.5
|
)
|
|
—
|
|
|||||
Other current assets
|
|
—
|
|
|
—
|
|
|
14.4
|
|
|
(5.2
|
)
|
|
9.2
|
|
|||||
Total current assets
|
|
0.8
|
|
|
156.1
|
|
|
214.1
|
|
|
(54.4
|
)
|
|
316.6
|
|
|||||
Investment in consolidated subsidiaries
|
|
2,305.7
|
|
|
7,298.9
|
|
|
—
|
|
|
(9,604.6
|
)
|
|
—
|
|
|||||
Property, plant and equipment, gross
|
|
0.6
|
|
|
—
|
|
|
10,013.1
|
|
|
—
|
|
|
10,013.7
|
|
|||||
Less–accumulated depreciation
and amortization
|
|
0.6
|
|
|
—
|
|
|
2,203.8
|
|
|
—
|
|
|
2,204.4
|
|
|||||
Property, plant and equipment, net
|
|
—
|
|
|
—
|
|
|
7,809.3
|
|
|
—
|
|
|
7,809.3
|
|
|||||
Other noncurrent assets
|
|
—
|
|
|
2.8
|
|
|
466.3
|
|
|
0.1
|
|
|
469.2
|
|
|||||
Advances to affiliates – noncurrent
|
|
2,156.6
|
|
|
493.6
|
|
|
909.7
|
|
|
(3,559.9
|
)
|
|
—
|
|
|||||
Total other assets
|
|
2,156.6
|
|
|
496.4
|
|
|
1,376.0
|
|
|
(3,559.8
|
)
|
|
469.2
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets
|
|
$
|
4,463.1
|
|
|
$
|
7,951.4
|
|
|
$
|
9,399.4
|
|
|
$
|
(13,218.8
|
)
|
|
$
|
8,595.1
|
|
Liabilities and Partners' Capital
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Payables
|
|
$
|
0.6
|
|
|
$
|
0.1
|
|
|
$
|
125.9
|
|
|
$
|
—
|
|
|
$
|
126.6
|
|
Payable to affiliates
|
|
1.3
|
|
|
—
|
|
|
7.7
|
|
|
(7.7
|
)
|
|
1.3
|
|
|||||
Advances from affiliates
|
|
—
|
|
|
41.3
|
|
|
0.2
|
|
|
(41.5
|
)
|
|
—
|
|
|||||
Other current liabilities
|
|
—
|
|
|
25.2
|
|
|
161.1
|
|
|
(5.1
|
)
|
|
181.2
|
|
|||||
Total current liabilities
|
|
1.9
|
|
|
66.6
|
|
|
294.9
|
|
|
(54.3
|
)
|
|
309.1
|
|
|||||
Long-term debt and capital lease
obligation
|
|
—
|
|
|
2,512.8
|
|
|
1,112.7
|
|
|
—
|
|
|
3,625.5
|
|
|||||
Payable to affiliate - noncurrent
|
|
16.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.0
|
|
|||||
Advances from affiliates - noncurrent
|
|
—
|
|
|
3,066.3
|
|
|
493.6
|
|
|
(3,559.9
|
)
|
|
—
|
|
|||||
Other noncurrent liabilities
|
|
—
|
|
|
—
|
|
|
199.3
|
|
|
—
|
|
|
199.3
|
|
|||||
Total other liabilities and deferred
credits
|
|
16.0
|
|
|
3,066.3
|
|
|
692.9
|
|
|
(3,559.9
|
)
|
|
215.3
|
|
|||||
Total partners' capital
|
|
4,445.2
|
|
|
2,305.7
|
|
|
7,298.9
|
|
|
(9,604.6
|
)
|
|
4,445.2
|
|
|||||
Total Liabilities and Partners'
Capital
|
|
$
|
4,463.1
|
|
|
$
|
7,951.4
|
|
|
$
|
9,399.4
|
|
|
$
|
(13,218.8
|
)
|
|
$
|
8,595.1
|
|
Assets
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
2.8
|
|
|
$
|
—
|
|
|
$
|
3.1
|
|
Receivables
|
|
—
|
|
|
—
|
|
|
129.5
|
|
|
—
|
|
|
129.5
|
|
|||||
Receivables - affiliate
|
|
—
|
|
|
—
|
|
|
7.0
|
|
|
(7.0
|
)
|
|
—
|
|
|||||
Gas and liquids stored underground
|
|
—
|
|
|
—
|
|
|
10.7
|
|
|
—
|
|
|
10.7
|
|
|||||
Prepayments
|
|
0.2
|
|
|
—
|
|
|
16.7
|
|
|
—
|
|
|
16.9
|
|
|||||
Advances to affiliates
|
|
—
|
|
|
21.0
|
|
|
107.7
|
|
|
(128.7
|
)
|
|
—
|
|
|||||
Other current assets
|
|
—
|
|
|
—
|
|
|
12.8
|
|
|
(3.2
|
)
|
|
9.6
|
|
|||||
Total current assets
|
|
0.2
|
|
|
21.3
|
|
|
287.2
|
|
|
(138.9
|
)
|
|
169.8
|
|
|||||
Investment in consolidated subsidiaries
|
|
2,153.5
|
|
|
7,067.6
|
|
|
—
|
|
|
(9,221.1
|
)
|
|
—
|
|
|||||
Property, plant and equipment, gross
|
|
0.6
|
|
|
—
|
|
|
9,706.0
|
|
|
—
|
|
|
9,706.6
|
|
|||||
Less–accumulated depreciation
and amortization
|
|
0.6
|
|
|
—
|
|
|
2,051.6
|
|
|
—
|
|
|
2,052.2
|
|
|||||
Property, plant and equipment, net
|
|
—
|
|
|
—
|
|
|
7,654.4
|
|
|
—
|
|
|
7,654.4
|
|
|||||
Other noncurrent assets
|
|
0.4
|
|
|
3.0
|
|
|
472.7
|
|
|
—
|
|
|
476.1
|
|
|||||
Advances to affiliates – noncurrent
|
|
2,190.2
|
|
|
466.3
|
|
|
1,113.4
|
|
|
(3,769.9
|
)
|
|
—
|
|
|||||
Total other assets
|
|
2,190.6
|
|
|
469.3
|
|
|
1,586.1
|
|
|
(3,769.9
|
)
|
|
476.1
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets
|
|
$
|
4,344.3
|
|
|
$
|
7,558.2
|
|
|
$
|
9,527.7
|
|
|
$
|
(13,129.9
|
)
|
|
$
|
8,300.3
|
|
Liabilities and Partners' Capital
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Payables
|
|
$
|
0.3
|
|
|
$
|
0.1
|
|
|
$
|
118.2
|
|
|
$
|
—
|
|
|
$
|
118.6
|
|
Payable to affiliates
|
|
1.3
|
|
|
—
|
|
|
7.0
|
|
|
(7.0
|
)
|
|
1.3
|
|
|||||
Advances from affiliates
|
|
—
|
|
|
107.7
|
|
|
21.0
|
|
|
(128.7
|
)
|
|
—
|
|
|||||
Other current liabilities
|
|
—
|
|
|
20.9
|
|
|
176.8
|
|
|
(3.2
|
)
|
|
194.5
|
|
|||||
Total current liabilities
|
|
1.6
|
|
|
128.7
|
|
|
323.0
|
|
|
(138.9
|
)
|
|
314.4
|
|
|||||
Long-term debt and capital lease
obligation
|
|
—
|
|
|
1,972.4
|
|
|
1,486.9
|
|
|
—
|
|
|
3,459.3
|
|
|||||
Payable to affiliate - noncurrent
|
|
16.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.0
|
|
|||||
Advances from affiliates - noncurrent
|
|
—
|
|
|
3,303.6
|
|
|
466.3
|
|
|
(3,769.9
|
)
|
|
—
|
|
|||||
Other noncurrent liabilities
|
|
—
|
|
|
—
|
|
|
183.9
|
|
|
—
|
|
|
183.9
|
|
|||||
Total other liabilities and deferred
credits
|
|
16.0
|
|
|
3,303.6
|
|
|
650.2
|
|
|
(3,769.9
|
)
|
|
199.9
|
|
|||||
Total partners' capital
|
|
4,326.7
|
|
|
2,153.5
|
|
|
7,067.6
|
|
|
(9,221.1
|
)
|
|
4,326.7
|
|
|||||
Total Liabilities and Partners'
Capital
|
|
$
|
4,344.3
|
|
|
$
|
7,558.2
|
|
|
$
|
9,527.7
|
|
|
$
|
(13,129.9
|
)
|
|
$
|
8,300.3
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
291.7
|
|
|
$
|
(21.9
|
)
|
|
$
|
269.8
|
|
Parking and lending
|
—
|
|
|
—
|
|
|
5.4
|
|
|
(1.0
|
)
|
|
4.4
|
|
|||||
Storage
|
—
|
|
|
—
|
|
|
23.6
|
|
|
—
|
|
|
23.6
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
8.5
|
|
|
—
|
|
|
8.5
|
|
|||||
Total operating revenues
|
—
|
|
|
—
|
|
|
329.2
|
|
|
(22.9
|
)
|
|
306.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fuel and transportation
|
—
|
|
|
—
|
|
|
34.5
|
|
|
(22.9
|
)
|
|
11.6
|
|
|||||
Operation and maintenance
|
—
|
|
|
—
|
|
|
48.3
|
|
|
—
|
|
|
48.3
|
|
|||||
Administrative and general
|
—
|
|
|
—
|
|
|
35.5
|
|
|
—
|
|
|
35.5
|
|
|||||
Other operating costs and expenses
|
0.1
|
|
|
—
|
|
|
101.5
|
|
|
—
|
|
|
101.6
|
|
|||||
Total operating costs and expenses
|
0.1
|
|
|
—
|
|
|
219.8
|
|
|
(22.9
|
)
|
|
197.0
|
|
|||||
Operating income
|
(0.1
|
)
|
|
—
|
|
|
109.4
|
|
|
—
|
|
|
109.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Deductions (Income):
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense
|
—
|
|
|
30.4
|
|
|
15.0
|
|
|
—
|
|
|
45.4
|
|
|||||
Interest (income) expense - affiliates, net
|
(9.0
|
)
|
|
11.5
|
|
|
(2.5
|
)
|
|
—
|
|
|
—
|
|
|||||
Interest income
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||
Equity in earnings of subsidiaries
|
(57.0
|
)
|
|
(98.9
|
)
|
|
—
|
|
|
155.9
|
|
|
—
|
|
|||||
Miscellaneous other income, net
|
0.2
|
|
|
—
|
|
|
(2.1
|
)
|
|
—
|
|
|
(1.9
|
)
|
|||||
Total other (income) deductions
|
(65.8
|
)
|
|
(57.0
|
)
|
|
10.3
|
|
|
155.9
|
|
|
43.4
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes
|
65.7
|
|
|
57.0
|
|
|
99.1
|
|
|
(155.9
|
)
|
|
65.9
|
|
|||||
Income taxes
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|||||
Net income (loss)
|
$
|
65.7
|
|
|
$
|
57.0
|
|
|
$
|
98.9
|
|
|
$
|
(155.9
|
)
|
|
$
|
65.7
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
278.6
|
|
|
$
|
(21.7
|
)
|
|
$
|
256.9
|
|
Parking and lending
|
—
|
|
|
—
|
|
|
3.0
|
|
|
(0.2
|
)
|
|
2.8
|
|
|||||
Storage
|
—
|
|
|
—
|
|
|
20.9
|
|
|
—
|
|
|
20.9
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
18.0
|
|
|
—
|
|
|
18.0
|
|
|||||
Total operating revenues
|
—
|
|
|
—
|
|
|
320.5
|
|
|
(21.9
|
)
|
|
298.6
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fuel and transportation
|
—
|
|
|
—
|
|
|
46.7
|
|
|
(21.9
|
)
|
|
24.8
|
|
|||||
Operation and maintenance
|
—
|
|
|
—
|
|
|
53.4
|
|
|
—
|
|
|
53.4
|
|
|||||
Administrative and general
|
(0.2
|
)
|
|
—
|
|
|
32.0
|
|
|
—
|
|
|
31.8
|
|
|||||
Other operating costs and expenses
|
0.2
|
|
|
—
|
|
|
102.5
|
|
|
—
|
|
|
102.7
|
|
|||||
Total operating costs and expenses
|
—
|
|
|
—
|
|
|
234.6
|
|
|
(21.9
|
)
|
|
212.7
|
|
|||||
Operating income
|
—
|
|
|
—
|
|
|
85.9
|
|
|
—
|
|
|
85.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Deductions (Income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
—
|
|
|
27.9
|
|
|
18.0
|
|
|
—
|
|
|
45.9
|
|
|||||
Interest (income) expense - affiliates, net
|
(7.2
|
)
|
|
9.1
|
|
|
(1.9
|
)
|
|
—
|
|
|
—
|
|
|||||
Interest income
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||
Equity in earnings of subsidiaries
|
(33.2
|
)
|
|
(70.2
|
)
|
|
—
|
|
|
103.4
|
|
|
—
|
|
|||||
Miscellaneous other income, net
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|||||
Total other (income) deductions
|
(40.4
|
)
|
|
(33.2
|
)
|
|
15.6
|
|
|
103.4
|
|
|
45.4
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes
|
40.4
|
|
|
33.2
|
|
|
70.3
|
|
|
(103.4
|
)
|
|
40.5
|
|
|||||
Income taxes
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||||
Net income (loss)
|
$
|
40.4
|
|
|
$
|
33.2
|
|
|
$
|
70.2
|
|
|
$
|
(103.4
|
)
|
|
$
|
40.4
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
619.1
|
|
|
$
|
(43.4
|
)
|
|
$
|
575.7
|
|
Parking and lending
|
—
|
|
|
—
|
|
|
9.5
|
|
|
(1.0
|
)
|
|
8.5
|
|
|||||
Storage
|
—
|
|
|
—
|
|
|
44.6
|
|
|
—
|
|
|
44.6
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
22.5
|
|
|
—
|
|
|
22.5
|
|
|||||
Total operating revenues
|
—
|
|
|
—
|
|
|
695.7
|
|
|
(44.4
|
)
|
|
651.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fuel and transportation
|
—
|
|
|
—
|
|
|
76.3
|
|
|
(44.4
|
)
|
|
31.9
|
|
|||||
Operation and maintenance
|
—
|
|
|
—
|
|
|
91.7
|
|
|
—
|
|
|
91.7
|
|
|||||
Administrative and general
|
0.1
|
|
|
—
|
|
|
70.1
|
|
|
—
|
|
|
70.2
|
|
|||||
Other operating costs and expenses
|
0.2
|
|
|
—
|
|
|
206.4
|
|
|
—
|
|
|
206.6
|
|
|||||
Total operating costs and expenses
|
0.3
|
|
|
—
|
|
|
444.5
|
|
|
(44.4
|
)
|
|
400.4
|
|
|||||
Operating income
|
(0.3
|
)
|
|
—
|
|
|
251.2
|
|
|
—
|
|
|
250.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Deductions (Income):
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense
|
—
|
|
|
56.5
|
|
|
31.5
|
|
|
—
|
|
|
88.0
|
|
|||||
Interest (income) expense - affiliates, net
|
(17.9
|
)
|
|
23.5
|
|
|
(5.6
|
)
|
|
—
|
|
|
—
|
|
|||||
Interest income
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||||
Equity in earnings of subsidiaries
|
(149.3
|
)
|
|
(229.3
|
)
|
|
—
|
|
|
378.6
|
|
|
—
|
|
|||||
Miscellaneous other income, net
|
0.2
|
|
|
—
|
|
|
(4.2
|
)
|
|
—
|
|
|
(4.0
|
)
|
|||||
Total other (income) deductions
|
(167.0
|
)
|
|
(149.3
|
)
|
|
21.5
|
|
|
378.6
|
|
|
83.8
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes
|
166.7
|
|
|
149.3
|
|
|
229.7
|
|
|
(378.6
|
)
|
|
167.1
|
|
|||||
Income taxes
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|||||
Net income (loss)
|
$
|
166.7
|
|
|
$
|
149.3
|
|
|
$
|
229.3
|
|
|
$
|
(378.6
|
)
|
|
$
|
166.7
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
590.2
|
|
|
$
|
(43.7
|
)
|
|
$
|
546.5
|
|
Parking and lending
|
—
|
|
|
—
|
|
|
5.8
|
|
|
(0.2
|
)
|
|
5.6
|
|
|||||
Storage
|
—
|
|
|
—
|
|
|
40.2
|
|
|
—
|
|
|
40.2
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
36.0
|
|
|
—
|
|
|
36.0
|
|
|||||
Total operating revenues
|
—
|
|
|
—
|
|
|
672.2
|
|
|
(43.9
|
)
|
|
628.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fuel and transportation
|
—
|
|
|
—
|
|
|
96.8
|
|
|
(43.9
|
)
|
|
52.9
|
|
|||||
Operation and maintenance
|
—
|
|
|
—
|
|
|
94.7
|
|
|
—
|
|
|
94.7
|
|
|||||
Administrative and general
|
(0.2
|
)
|
|
—
|
|
|
62.6
|
|
|
—
|
|
|
62.4
|
|
|||||
Other operating costs and expenses
|
0.2
|
|
|
—
|
|
|
209.4
|
|
|
—
|
|
|
209.6
|
|
|||||
Total operating costs and expenses
|
—
|
|
|
—
|
|
|
463.5
|
|
|
(43.9
|
)
|
|
419.6
|
|
|||||
Operating income
|
—
|
|
|
—
|
|
|
208.7
|
|
|
—
|
|
|
208.7
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Deductions (Income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
—
|
|
|
51.8
|
|
|
39.3
|
|
|
—
|
|
|
91.1
|
|
|||||
Interest (income) expense - affiliates, net
|
(13.9
|
)
|
|
18.6
|
|
|
(4.7
|
)
|
|
—
|
|
|
—
|
|
|||||
Interest income
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||||
Equity in earnings of subsidiaries
|
(104.2
|
)
|
|
(174.6
|
)
|
|
—
|
|
|
278.8
|
|
|
—
|
|
|||||
Miscellaneous other income, net
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(0.6
|
)
|
|||||
Total other (income) deductions
|
(118.1
|
)
|
|
(104.2
|
)
|
|
33.8
|
|
|
278.8
|
|
|
90.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes
|
118.1
|
|
|
104.2
|
|
|
174.9
|
|
|
(278.8
|
)
|
|
118.4
|
|
|||||
Income taxes
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|||||
Net income (loss)
|
$
|
118.1
|
|
|
$
|
104.2
|
|
|
$
|
174.6
|
|
|
$
|
(278.8
|
)
|
|
$
|
118.1
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net income (loss)
|
$
|
65.7
|
|
|
$
|
57.0
|
|
|
$
|
98.9
|
|
|
$
|
(155.9
|
)
|
|
$
|
65.7
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reclassification adjustment transferred
to Net income from cash flow hedges
|
0.6
|
|
|
0.6
|
|
|
0.2
|
|
|
(0.8
|
)
|
|
0.6
|
|
|||||
Pension and other postretirement
benefit costs
|
1.1
|
|
|
1.1
|
|
|
1.1
|
|
|
(2.2
|
)
|
|
1.1
|
|
|||||
Total Comprehensive Income (Loss)
|
$
|
67.4
|
|
|
$
|
58.7
|
|
|
$
|
100.2
|
|
|
$
|
(158.9
|
)
|
|
$
|
67.4
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net income (loss)
|
$
|
40.4
|
|
|
$
|
33.2
|
|
|
$
|
70.2
|
|
|
$
|
(103.4
|
)
|
|
$
|
40.4
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reclassification adjustment transferred
to Net income from cash flow hedges
|
0.6
|
|
|
0.6
|
|
|
0.2
|
|
|
(0.8
|
)
|
|
0.6
|
|
|||||
Pension and other postretirement
benefit costs
|
(2.2
|
)
|
|
(2.2
|
)
|
|
(2.2
|
)
|
|
4.4
|
|
|
(2.2
|
)
|
|||||
Total Comprehensive Income (Loss)
|
$
|
38.8
|
|
|
$
|
31.6
|
|
|
$
|
68.2
|
|
|
$
|
(99.8
|
)
|
|
$
|
38.8
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net income (loss)
|
$
|
166.7
|
|
|
$
|
149.3
|
|
|
$
|
229.3
|
|
|
$
|
(378.6
|
)
|
|
$
|
166.7
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reclassification adjustment transferred
to Net income from cash flow hedges
|
1.2
|
|
|
1.2
|
|
|
0.4
|
|
|
(1.6
|
)
|
|
1.2
|
|
|||||
Pension and other postretirement
benefit costs
|
1.7
|
|
|
1.7
|
|
|
1.7
|
|
|
(3.4
|
)
|
|
1.7
|
|
|||||
Total Comprehensive Income (Loss)
|
$
|
169.6
|
|
|
$
|
152.2
|
|
|
$
|
231.4
|
|
|
$
|
(383.6
|
)
|
|
$
|
169.6
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net income (loss)
|
$
|
118.1
|
|
|
$
|
104.2
|
|
|
$
|
174.6
|
|
|
$
|
(278.8
|
)
|
|
$
|
118.1
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reclassification adjustment transferred
to Net income from cash flow hedges
|
1.2
|
|
|
1.2
|
|
|
0.4
|
|
|
(1.6
|
)
|
|
1.2
|
|
|||||
Pension and other postretirement
benefit costs
|
(4.3
|
)
|
|
(4.3
|
)
|
|
(4.3
|
)
|
|
8.6
|
|
|
(4.3
|
)
|
|||||
Total Comprehensive Income (Loss)
|
$
|
115.0
|
|
|
$
|
101.1
|
|
|
$
|
170.7
|
|
|
$
|
(271.8
|
)
|
|
$
|
115.0
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net cash provided by (used in)
operating activities
|
$
|
17.8
|
|
|
$
|
(73.3
|
)
|
|
$
|
360.2
|
|
|
$
|
—
|
|
|
$
|
304.7
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital expenditures
|
—
|
|
|
—
|
|
|
(259.0
|
)
|
|
—
|
|
|
(259.0
|
)
|
|||||
Proceeds from sale of operating assets
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||||
Advances to affiliates, net
|
33.6
|
|
|
(6.5
|
)
|
|
270.1
|
|
|
(297.2
|
)
|
|
—
|
|
|||||
Net cash provided by (used in)
investing activities
|
33.6
|
|
|
(6.5
|
)
|
|
11.2
|
|
|
(297.2
|
)
|
|
(258.9
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Proceeds from long-term debt, net of
issuance cost
|
—
|
|
|
539.1
|
|
|
—
|
|
|
—
|
|
|
539.1
|
|
|||||
Proceeds from borrowings on revolving
credit agreement
|
—
|
|
|
—
|
|
|
255.0
|
|
|
—
|
|
|
255.0
|
|
|||||
Repayment of borrowings on revolving
credit agreement
|
—
|
|
|
—
|
|
|
(630.0
|
)
|
|
—
|
|
|
(630.0
|
)
|
|||||
Principal payment of capital lease
obligation
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||||
Advances from affiliates, net
|
0.1
|
|
|
(303.7
|
)
|
|
6.5
|
|
|
297.2
|
|
|
0.1
|
|
|||||
Distributions paid
|
(51.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51.1
|
)
|
|||||
Net cash (used in) provided by
financing activities
|
(51.0
|
)
|
|
235.4
|
|
|
(368.7
|
)
|
|
297.2
|
|
|
112.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Increase in cash and cash
equivalents
|
0.4
|
|
|
155.6
|
|
|
2.7
|
|
|
—
|
|
|
158.7
|
|
|||||
Cash and cash equivalents at
beginning of period
|
—
|
|
|
0.3
|
|
|
2.8
|
|
|
—
|
|
|
3.1
|
|
|||||
Cash and cash equivalents at
end of period
|
$
|
0.4
|
|
|
$
|
155.9
|
|
|
$
|
5.5
|
|
|
$
|
—
|
|
|
$
|
161.8
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net cash provided by (used in)
operating activities
|
$
|
12.6
|
|
|
$
|
(67.1
|
)
|
|
$
|
340.0
|
|
|
$
|
—
|
|
|
$
|
285.5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital expenditures
|
—
|
|
|
—
|
|
|
(136.3
|
)
|
|
—
|
|
|
(136.3
|
)
|
|||||
Proceeds from sale of operating assets
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||||
Advances to affiliates, net
|
(77.7
|
)
|
|
(304.4
|
)
|
|
(51.3
|
)
|
|
433.4
|
|
|
—
|
|
|||||
Net cash (used in) provided by
investing activities
|
(77.7
|
)
|
|
(304.4
|
)
|
|
(187.5
|
)
|
|
433.4
|
|
|
(136.2
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Proceeds from long-term debt, net of
issuance cost
|
—
|
|
|
247.1
|
|
|
—
|
|
|
—
|
|
|
247.1
|
|
|||||
Repayment of borrowings from long-term
debt and term loan
|
—
|
|
|
—
|
|
|
(725.0
|
)
|
|
—
|
|
|
(725.0
|
)
|
|||||
Proceeds from borrowings on revolving
credit agreement
|
—
|
|
|
—
|
|
|
835.0
|
|
|
—
|
|
|
835.0
|
|
|||||
Repayment of borrowings on revolving
credit agreement, including financing
fees
|
—
|
|
|
(3.6
|
)
|
|
(555.0
|
)
|
|
—
|
|
|
(558.6
|
)
|
|||||
Principal payment of capital lease
obligation
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||||
Advances from affiliates, net
|
0.1
|
|
|
129.0
|
|
|
304.4
|
|
|
(433.4
|
)
|
|
0.1
|
|
|||||
Distributions paid
|
(50.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50.4
|
)
|
|||||
Proceeds from sale of common units
|
113.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113.1
|
|
|||||
Capital contributions from general partner
|
2.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
|||||
Net cash provided by (used in)
financing activities
|
65.1
|
|
|
372.5
|
|
|
(140.8
|
)
|
|
(433.4
|
)
|
|
(136.6
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Increase in cash and cash
equivalents
|
—
|
|
|
1.0
|
|
|
11.7
|
|
|
—
|
|
|
12.7
|
|
|||||
Cash and cash equivalents at
beginning of period
|
0.5
|
|
|
1.8
|
|
|
4.3
|
|
|
—
|
|
|
6.6
|
|
|||||
Cash and cash equivalents at
end of period
|
$
|
0.5
|
|
|
$
|
2.8
|
|
|
$
|
16.0
|
|
|
$
|
—
|
|
|
$
|
19.3
|
|
|
|
Estimated
|
|
Cash Invested Through
|
|
Actual/Expected
|
||||
|
|
Total Cost
(1)
|
|
June 30, 2016
|
|
in-service date
(1)
|
||||
Ohio to Louisiana Access
(2)
|
|
$
|
115.0
|
|
|
$
|
87.3
|
|
|
June 2016
|
Southern Indiana Lateral
(2)
|
|
75.0
|
|
|
41.3
|
|
|
June 2016
|
||
Western Kentucky Market Lateral
|
|
80.0
|
|
|
33.3
|
|
|
August 2016
|
||
Power Plant Project in South Texas
|
|
80.0
|
|
|
18.2
|
|
|
Third quarter 2016
|
||
Northern Supply Access
|
|
230.0
|
|
|
69.6
|
|
|
First half 2017
|
||
Sulphur Storage and Pipeline Expansion
|
|
145.0
|
|
|
70.6
|
|
|
Second half 2017
|
||
Coastal Bend Header
|
|
720.0
|
|
|
69.6
|
|
|
2018
|
||
Brine Development Project
|
|
45.0
|
|
|
8.5
|
|
|
2018
|
||
Other growth projects
(3)
|
|
65.0
|
|
|
—
|
|
|
Second half 2017/2018
|
||
Total
|
|
$
|
1,555.0
|
|
|
$
|
398.4
|
|
|
|
(1)
|
Estimates are based on internally developed financial models and time-lines. Factors in the estimates include, but are not limited to, those related to pipeline costs based on mileage, size and type of pipe, materials and construction and engineering costs.
|
(2)
|
Although these projects were recently placed into service, a significant portion of the construction costs have yet to be paid due to timing.
|
(3)
|
Other growth projects consist of projects in Louisiana comprised of two ethylene transportation and storage projects to serve industrial customers and a natural gas transportation project to serve a power plant. The power plant project remains subject to customer and Federal Energy Regulatory Commission approvals.
|
|
Total
|
|
Less than 1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More than 5 Years
|
||||||||||
Principal payments on long-term debt
(1)
|
$
|
3,650.0
|
|
|
$
|
550.0
|
|
|
$
|
460.0
|
|
|
$
|
790.0
|
|
|
$
|
1,850.0
|
|
Interest on long-term debt
(2)
|
1,044.5
|
|
|
183.9
|
|
|
281.8
|
|
|
233.3
|
|
|
345.5
|
|
|||||
Capital commitments
(3)
|
203.7
|
|
|
203.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
4,898.2
|
|
|
$
|
937.6
|
|
|
$
|
741.8
|
|
|
$
|
1,023.3
|
|
|
$
|
2,195.5
|
|
(1)
|
Includes our senior unsecured notes, having maturity dates from 2016 to 2027. The amounts included in the
Less than 1 Year
column are included in long-term debt on our balance sheet. We have refinanced the notes maturing in less than a year on a long-term basis and have sufficient available capacity under our revolving credit facility to extend the amount that would otherwise come due in less than one year. As of
June 30, 2016
, we have no outstanding borrowings under our revolving credit facility, of which the maturity was recently extended to
May 26, 2021
.
|
(2)
|
Interest obligations represent interest due on our senior unsecured notes at fixed rates. Future interest obligations under our revolving credit facility are uncertain, due to the variable interest rate and fluctuating balances. As of
June 30, 2016
, we have no outstanding borrowings under our revolving credit facility, but based on an unused commitment fee of 0.18% as of
June 30, 2016
, and considering the recent extension in maturity date to
May 26, 2021
,
$2.7 million
,
$5.4 million
and
$5.1 million
would be due in less than one year, 1-3 years and 3-5 years.
|
(3)
|
Capital commitments represent binding commitments under purchase orders for materials ordered but not received and firm commitments under binding construction service agreements existing at
June 30, 2016
.
|
Exhibit
Number
|
|
Description
|
|
|
|
*1.1
|
|
Equity Distribution Agreement, dated August 1, 2016, by and among Boardwalk Pipeline Partners, LP, Boardwalk GP, LP and Boardwalk GP, LLC and Citigroup Global Markets Inc., Barclays Capital Inc., BB&T Capital Markets, a division of BB&T Securities, LLC, BTIG, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Robert W. Baird & Co. Incorporated, Santander Investment Securities Inc. and Wells Fargo Securities, LLC.
|
3.1
|
|
Certificate of Limited Partnership of Boardwalk Pipeline Partners, LP (Incorporated by reference to Exhibit 3.1 to the Registrant’s Registration Statement on Form S-1, Registration No. 333-127578, filed on August 16, 2005).
|
3.2
|
|
Third Amended and Restated Agreement of Limited Partnership of Boardwalk Pipeline Partners, LP dated as of June 17, 2008, (Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on June 18, 2008).
|
3.3
|
|
Certificate of Limited Partnership of Boardwalk GP, LP (Incorporated by reference to Exhibit 3.3 to the Registrant’s Registration Statement on Form S-1, Registration No. 333-127578, filed on August 16, 2005).
|
3.4
|
|
Agreement of Limited Partnership of Boardwalk GP, LP (Incorporated by reference to Exhibit 3.4 to Amendment No. 1 to the Registrant’s Registration Statement on Form S-1, Registration No. 333-127578, filed on September 22, 2005).
|
3.5
|
|
Certificate of Formation of Boardwalk GP, LLC (Incorporated by reference to Exhibit 3.5 to the Registrant’s Registration Statement on Form S-1, Registration No. 333-127578, filed on August 16, 2005).
|
3.6
|
|
Amended and Restated Limited Liability Company Agreement of Boardwalk GP, LLC (Incorporated by reference to Exhibit 3.6 to Amendment No. 4 to Registrant’s Registration Statement on Form S-1, Registration No. 333-127578, filed on October 31, 2005).
|
3.7
|
|
Amendment No. 1 to the Third Amended and Restated Agreement of Limited Partnership of Boardwalk Pipeline Partners, LP, dated as of October 31, 2011 (Incorporated by reference to Exhibit 3.7 to the Registrant’s Quarterly Report on Form 10-Q filed on November 1, 2011).
|
3.8
|
|
Amendment No. 2 to the Third Amended and Restated Agreement of Limited Partnership of Boardwalk Pipeline Partners, LP, dated as of October 25, 2012 (Incorporated by reference to Exhibit 3.1 to the Registrant's Current report on Form 8-K filed on October 30, 2012).
|
3.9
|
|
Amendment No. 3 to the Third Amended and Restated Agreement of Limited Partnership of Boardwalk Pipeline Partners, LP, dated as of October 7, 2013 (Incorporated by reference to Exhibit 3.1 to the Registrant's Current report on Form 8-K filed on October 8, 2013).
|
4.1
|
|
Fifth Supplemental Indenture to the indenture dated August 21, 2009, among Boardwalk Pipelines, LP, as issuer, Boardwalk Pipeline Partners, LP, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee (Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on May 20, 2016).
|
*5.1
|
|
Opinion of Vinson & Elkins L.L.P. as to the legality of the Partnership’s Common Units.
|
*8.1
|
|
Opinion of Vinson & Elkins L.L.P. regarding tax matters.
|
*10.1
|
|
Amendment No. 2 to Subordinated Loan Agreement dated as of July 28, 2016, between Boardwalk Pipelines, LP, as Borrower, and Boardwalk Pipelines Holding Corp., as Lender.
|
*10.2
|
|
Amendment No. 1 to the Third Amended and Restated Revolving Credit, dated as of July 29, 2016, among Boardwalk Pipelines, LP, Texas Gas Transmission, LLC, Gulf South Pipeline Company, LP and Gulf Crossing Pipeline Company LLC, as borrowers, Boardwalk Pipeline Partners, LP, as guarantor, the several lenders and issuers party thereto, Wells Fargo Bank, N.A., as administrative agent, Citibank, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents, and Bank of China, New York Branch, Barclays Bank PLC, Deutsche Bank Securities Inc., Mizuho Bank, Ltd., MUFG Union Bank, N.A., and Royal Bank of Canada, as co-documentation agents, and Wells Fargo Securities, LLC, Citigroup Global Markets, Inc., J.P. Morgan Securities LLC, Bank of China, New York Branch, Barclays Bank PLC, Deutsche Bank Securities Inc., Mizuho Bank, Ltd., MUFG Union Bank, N.A., and RBC Capital Markets, as joint lead arrangers and joint bookrunners.
|
*23.1
|
|
Consent of Vinson & Elkins L.L.P. (included in its opinion filed as Exhibit 5.1).
|
*23.2
|
|
Consent of Vinson & Elkins L.L.P. (included in its opinion filed as Exhibit 8.1).
|
*31.1
|
|
Certification of Stanley C. Horton, Chief Executive Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a).
|
*31.2
|
|
Certification of Jamie L. Buskill, Chief Financial Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a).
|
**32.1
|
|
Certification of Stanley C. Horton, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
**32.2
|
|
Certification of Jamie L. Buskill, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
*101.INS
|
|
XBRL Instance Document
|
*101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
*101.CAL
|
|
XBRL Taxonomy Calculation Linkbase Document
|
*101.DEF
|
|
XBRL Taxonomy Extension Definitions Document
|
*101.LAB
|
|
XBRL Taxonomy Label Linkbase Document
|
*101.PRE
|
|
XBRL Taxonomy Presentation Linkbase Document
|
* Filed herewith
|
||
** Furnished herewith
|
|
Boardwalk Pipeline Partners, LP
|
|
|
By: Boardwalk GP, LP
its general partner
|
|
|
By: Boardwalk GP, LLC
its general partner
|
|
August 1, 2016
|
By:
|
/s/ Jamie L. Buskill
|
|
|
Jamie L. Buskill
Senior Vice President, Chief Financial and Administrative Officer and Treasurer
|
Exhibit 1.1
|
|
Execution Version
|
Citigroup Global Markets Inc.
388 Greenwich Street, 34th Floor
New York, New York 10013
|
Mizuho Securities USA Inc.
320 Park Avenue, 12th Floor
New York, New York 10022
|
Barclays Capital Inc.
745 Seventh Avenue
New York, New York 10019
|
Morgan Stanley & Co. LLC
1585 Broadway
New York, New York 10036
|
BB&T Capital Markets, a division of BB&T Securities, LLC
901 East Byrd Street, Suite 300
Richmond, VA 23219
|
MUFG Securities Americas Inc.
1221 Avenue of the Americas, 6th Floor
New York, New York 10020
|
BTIG, LLC
825 Third Avenue
6th Floor
New York, New York 10022
|
RBC Capital Markets, LLC
200 Vesey Street
Three World Financial Center
New York, New York 10281
|
Deutsche Bank Securities Inc.
60 Wall Street
New York, New York 10005
|
Robert W. Baird & Co. Incorporated
777 East Wisconsin Ave.,
Suite 2800
Milwaukee, Wisconsin 53202
|
Goldman, Sachs & Co.
200 West Street
New York, New York 10282
|
Santander Investment Securities Inc.
45 East 53rd Street, 5th Floor
New York, New York 10022
|
J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10179
|
Wells Fargo Securities, LLC
375 Park Avenue
New York, New York 10152
|
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
One Bryant Park
New York, New York 10036
|
|
Name of Entity
|
Jurisdiction
of Formation |
Jurisdictions of Qualification
|
Boardwalk GP, LLC
|
Delaware
|
Kentucky, Texas
|
Boardwalk GP, LP
|
Delaware
|
Kentucky, Texas
|
Boardwalk Pipeline Partners, LP
|
Delaware
|
Texas, Kentucky, Alabama, Arkansas and Ohio
|
[Form of Terms Agreement]
|
|
ANNEX I
|
[Form of Terms Agreement]
|
|
Schedule I
to the Terms Agreement
|
Vinson & Elkins LLP Attorneys at Law
Austin Beijing Dallas Dubai Hong Kong Houston London Moscow New York
Palo Alto Richmond Riyadh San Francisco Taipei Tokyo Washington
|
1001 Fannin Street, Suite 2500
Houston, TX 77002-6760
Tel
+1.713.758.2222
Fax
+1.713.758.2346
www.velaw.com
|
|
|
Exhibit 8.1
|
RE:
|
Boardwalk Pipeline Partners, LP Registration Statement on Form S-3
|
Vinson & Elkins LLP Attorneys at Law
Abu Dhabi Austin Beijing Dallas Dubai Hong Kong Houston London Moscow
New York Palo Alto Riyadh San Francisco Shanghai Tokyo Washington
|
1001 Fannin Street, Suite 2500
Houston, TX 77002-6760
Tel
+1.713.758.2222
Fax
+1.713.758.2346
www.velaw.com
|
Exhibit 10.1
|
|
Execution Version
|
|
BOARDWALK PIPELINES, LP,
as Borrower
|
|
|
|
By: Boardwalk Operating GP, LLC,
its general partner
By: Boardwalk Pipeline Partners, LP,
its managing member
By: Boardwalk GP, LP,
its general partner
By: Boardwalk GP, LLC,
its general partner
|
|
By:
|
__________________________________________
|
|
|
Name: Jamie L. Buskill
|
|
|
Title: Senior Vice President, Chief Financial and
Administrative Officer and Treasurer
|
|
BOARDWALK PIPELINES HOLDING CORP.,
as Lender
|
|
|
By:
|
____________________________________
|
|
|
Name: Jamie L. Buskill
|
|
|
Title: Senior Vice President, Chief Financial and
Administrative Officer and Treasurer
|
Exhibit 10.2
|
|
Execution Version
|
1)
|
I have reviewed this Quarterly Report on Form 10-Q of Boardwalk Pipeline Partners, LP;
|
2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4)
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5)
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Dated:
|
August 1, 2016
|
/s/ Stanley C. Horton
|
|
|
Stanley C. Horton
|
|
|
President, Chief Executive Officer and Director
|
1)
|
I have reviewed this Quarterly Report on Form 10-Q of Boardwalk Pipeline Partners, LP;
|
2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4)
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5)
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Dated:
|
August 1, 2016
|
/s/ Jamie L. Buskill
|
|
|
Jamie L. Buskill
|
|
|
Senior Vice President, Chief Financial and Administrative Officer and Treasurer
|