Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 409

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 7
Chunk 409
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 capital expenditures of $190 million and $218 million and maintenance capital expenditures of $202 million and $164 million. During 2023, Boardwalk Pipelines acquired Bayou Ethane for $355 million. See Boardwalk Pipelines: Pipeline System Maintenance and GHGs Emission Reduction Initiatives in this MD&A for further information about factors impacting Boardwalk Pipelines’ maintenance capital spending.

Boardwalk Pipelines expects total capital expenditures to be approximately $269 million in 2025, including approximately $203 million for maintenance capital and $66 million related to growth projects. Boardwalk Pipelines  expects to spend a total of approximately $1.6 billion on its ongoing and announced growth projects, with expected in-service dates for these projects ranging from 2025 to 2029. Refer to Boardwalk Pipelines in Part I, Item 1. Business of this Annual Report on Form 10-K for further information on Boardwalk Pipelines’ growth projects.

Boardwalk Pipelines anticipates that its existing capital resources, including its cash and cash equivalents, revolving credit facility and cash flows from operating activities, will be adequate to fund its operations and capital expenditures for 2025. Boardwalk Pipelines may seek to access the debt markets to fund some or all capital expenditures for growth projects or acquisitions, to refinance maturing debt or for general partnership purposes. As of February 7, 2025, Boardwalk Pipelines also 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. 

In February of 2024, Boardwalk Pipelines completed a public offering of $600 million aggregate principal amount of its 5.6% senior notes due August 1, 2034. The net proceeds from this offering were used to retire $600 million of its 5.0% senior notes at maturity in December 2024. As of December 31, 2024, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility and the full borrowing capacity of $1.0 billion available to it. 

In 2024, Boardwalk Pipelines paid distributions of $400 million to the Company.

Boardwalk Pipelines has a senior debt rating of BBB with a stable outlook from S&P, a senior debt rating of Baa2 with a stable outlook from Moody’s and a senior debt rating of BBB with a stable outlook from Fitch.

Loews Hotels & Co, through its subsidiaries, has