Financing

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Financing

  Financing

Notes and Debentures

As of March 31, 2019, and December 31, 2018, the Partnership had notes and debentures outstanding of $3.1 billion with a weighted-average interest rate of 5.17%. The indentures governing the notes and debentures have restrictive covenants which provide that, with certain exceptions, neither the Partnership nor any of its subsidiaries may create, assume or suffer to exist any lien upon any property to secure any indebtedness unless the debentures and notes shall be equally and ratably secured. All of the Partnership's debt obligations are unsecured. As of March 31, 2019, Boardwalk Pipelines and its operating subsidiaries were in compliance with their debt covenants.

The Partnership has included $350.0 million of notes which mature in less than one year as long-term debt on its Condensed Consolidated Balance Sheets as of March 31, 2019. The Partnership has the intent and the ability to refinance the notes through the available borrowing capacity under its revolving credit facility as of March 31, 2019. The Partnership expects to retire these notes at their maturity.

Revolving Credit Facility

Outstanding borrowings under the Partnership’s revolving credit facility as of March 31, 2019, and December 31, 2018, were $525.0 million and $580.0 million, with weighted-average borrowing rates of 3.74% and 3.69%. The Partnership and its subsidiaries were in compliance with all covenant requirements under the revolving credit facility as of March 31, 2019. The revolving credit facility has a borrowing capacity of $1.5 billion through May 26, 2020, and a borrowing capacity of $1.475 billion from May 27, 2020, to May 26, 2022.