Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 180

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 180
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 projects is expected to be spent upon receiving FERC approval to begin construction, which is generally 12-18 months prior to the project’s expected in-service date. Boardwalk Pipelines expects to finance these growth projects through a combination of operating cash flows and the issuance of long-term debt, including borrowings under its revolving credit facility. Boardwalk Pipelines’ cost and timing estimates for these projects are subject to a variety of risks and uncertainties and are based on the factors described in Boardwalk Pipelines: Current Growth Projects in this MD&A. Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates. Refer to Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024 for additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.

The nature of Boardwalk Pipelines’ existing growth projects will require it to enhance or modify its existing assets to accommodate increased operating pressures or changing flow patterns. Boardwalk Pipelines considers capital expenditures associated with the modification or enhancement of existing assets in the context of a growth project to be growth capital to the extent that the modification would not have been made in the absence of the growth project without regard to the condition of the existing assets.

For the nine months ended September 30, 2025 and 2024, Boardwalk Pipelines’ capital expenditures were $222 million and $292 million, consisting of growth capital expenditures of $98 million and $170 million and maintenance capital expenditures of $124 million and $122 million. 

Additionally, as of September 30, 2025, Boardwalk Pipelines has future capital commitments comprised of binding commitments under purchase orders for materials ordered but not received totaling approximately $273 million, which are expected to be settled through 2028.

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As of September 30, 2025, Boardwalk Pipelines had the full borrowing capacity of $1.0 billion available under its revolving credit facility. The revolving credit facility has a borrowing capacity of $1.0 billion through May 27, 2027, and a borrowing capacity of $912 million from May 28, 2027 to May 26, 2028. As of September 30, 2025, Boardwalk Pipelines  has an effective shelf registration statement on file with the SEC under which it may publicly issue up to $900 million of debt securities, warrants or rights from time to time. Board