Boardwalk Pipeline Partners LP (NYSE: BWP) priced its public offering of 11 million common units representing limited partner interests at US $30.12 per unit.

The underwriters are also expected to be granted a 30-day option to purchase up to some 1.7 million additional units. The partnership expects the offering to close on June 4. The partnership will receive net proceeds after offering expenses of US $327.4 million, including the general partner's proportionate capital contribution of US $6.8 million to maintain its 2% general partner interest. Net proceeds will be used to repay borrowings outstanding under its credit facility, but might be used to fund capital expenditures for growth projects.

Barclays, Citigroup, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan, Morgan Stanley, RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities are joint book-running managers.

Boardwalk Pipeline Partners LP, through its subsidiaries, engages in the ownership and operation of integrated natural gas and NGLs pipelines, and storage systems in the US. The company is headquartered in Houston.