Financing

9 Months Ended

Sep. 30, 2020

As of September 30, 2020, and December 31, 2019, the Company had total outstanding debt of $3.8 billion and $3.6 billion, including amounts outstanding under the Company’s notes and debentures and its revolving credit facility.

Notes and Debentures

As of September 30, 2020, and December 31, 2019, the Company had notes and debentures outstanding of $3.8 billion and $3.3 billion, with weighted-average interest rates of 4.86% and 5.06%. The indentures governing the notes and debentures have restrictive covenants which provide that, with certain exceptions, neither the Company 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 Company's debt obligations are unsecured. As of September 30, 2020, Boardwalk Pipelines and its operating subsidiaries were in compliance with their debt covenants.

The Company has included the $440.0 million aggregate principal amount of Texas Gas 4.50% notes due 2021 (Texas Gas 2021 Notes) which mature in less than one year as long-term debt on its Condensed Consolidated Balance Sheets as of September 30, 2020, since the Company has the intent and the ability to refinance the notes through the available borrowing capacity under its revolving credit facility. In September 2020, the Company submitted its notice of redemption to retire the Texas Gas 2021 Notes on November 3, 2020, at a redemption price of 100% of the principal amount of such Notes, plus any unpaid and accrued interest. The Company will use its available cash and borrowings under the revolving credit facility to retire the Texas Gas 2021 Notes, with a portion of the available cash coming from the proceeds from the August 2020 issuance of $500.0 million aggregate principal amount of Boardwalk Pipelines 3.40% notes due 2031 discussed below.

Issuance of Notes

During the nine months ended September 30, 2020 and 2019, the Company completed the following debt issuances (in millions, except interest rates):


Date of Issuance	Issuing Subsidiary	Amount of Issuance		Purchaser Discounts and Expenses		Net Proceeds			Interest Rate		Maturity Date	Interest Payable
August 2020	Boardwalk Pipelines	$	500.0	$	5.0	$	495.0	(1)	3.40	%	February 15, 2031	February 15 and August 15
May 2019	Boardwalk Pipelines	$	500.0	$	4.8	$	495.2	(2)	4.80	%	May 3, 2029	May 3 and November 3

(1)The net proceeds of this offering will be used to retire the Texas Gas 2021 Notes on November 3, 2020, to fund growth capital expenditures and for general partnership purposes. Initially, the Company used the net proceeds to reduce outstanding borrowings under its revolving credit facility.

(2)The net proceeds of this offering were used to retire the outstanding $350.0 million aggregate principal amount of Boardwalk Pipelines 5.75% notes due 2019 (Boardwalk Pipelines 2019 Notes) at maturity and for general partnership purposes. Initially, the Company used the net proceeds to reduce outstanding borrowings under its revolving credit facility. Subsequently, in September 2019, the Company retired all of the outstanding aggregate principal amount of Boardwalk Pipelines 2019 Notes at maturity with borrowings under its revolving credit facility.

Revolving Credit Facility

As of September 30, 2020, the Company had no outstanding borrowings under its revolving credit facility and had available the full borrowing capacity of $1.475 billion. Outstanding borrowings under the Company's revolving credit facility as of December 31, 2019, were $295.0 million, with a weighted-average borrowing rate of 3.00%. The revolving credit facility expires on May 26, 2022. The Company and its subsidiaries were in compliance with all covenant requirements under the revolving credit facility as of September 30, 2020. As of October 30, 2020, the Company had $80.0 million of outstanding borrowings under its revolving credit facility and had $1.4 billion of available borrowing capacity .