Financing

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Financing

Financing

Notes and Debentures

As of March 31, 2022, and December 31, 2021, the Company had principal amounts of notes and debentures outstanding of $3.6 billion and $3.4 billion, with weighted-average interest rates of 4.72% and 4.84%, of which $300.0 million of the outstanding principal amount is recorded in Current Liabilities.

For the three months ended March 31, 2022, the Company completed the following debt issuance (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
February 2022	Boardwalk Pipelines	$	500.0	$	5.0	$	495.0	(1)	3.60	%	September 1, 2032	March 1 and September 1

(1)The net proceeds of this offering were used to retire the outstanding $300.0 million aggregate principal amount of Gulf South 4.00% notes due June 2022 on March 21, 2022, to fund growth capital expenditures and for general partnership purposes.

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 March 31, 2022, Boardwalk Pipelines and its operating subsidiaries were in compliance with their debt covenants.

Revolving Credit Facility

As of March 31, 2022, and December 31, 2021, the Company had no outstanding borrowings and all of the $1.0 billion available borrowing capacity under the revolving credit facility. The Company and its subsidiaries were in compliance with all covenant requirements under the revolving credit facility as of March 31, 2022.