Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 70

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 70
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-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 mortgage loans maturing beyond twelve months as of December 31, 2024, which it may refinance before they mature. Refinancing any indebtedness, including loans of unconsolidated joint venture partnerships, may require Loews Hotels & Co to make principal pay downs, establish restricted cash reserves or provide guaranties of the subsidiary’s debt. Through the date of this Report, all Loews Hotels & Co’s subsidiaries are in compliance with their debt covenants.

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Loews Hotels & Co refinanced $532 million in mortgage loans in 2024, all of which mature beyond twelve months as of December 31, 2024.

In 2024, Loews Hotels