Loews Corporation Completes Acquisition of Texas Gas Transmission Corporation.Business Editors NEW YORK--(BUSINESS WIRE)--May 16, 2003 Loews Corporation announced today that it has completed its previously announced acquisition of Texas Gas Transmission Texas Gas Transmission is a natural gas pipeline which brings gas from the Louisiana Gulf coast up through Arkansas, Mississippi, Tennessee, and Kentucky, to supply gas to Illinois, Indiana, and Ohio. It is owned by Loews Corporation. Its FERC code is 18. Corporation from The Williams Companies The Williams Companies, Inc. (NYSE: WMB) is an energy company based in Tulsa, Oklahoma. Its core business is natural gas exploration, production, processing, and transportation, with additional petroleum and electricity generation assets. , Inc. The transaction value is approximately $1.045 billion, which includes $250 million of existing Texas Gas debt. Loews funded the approximately $795 million balance of the purchase price with $520 million of its available cash and with proceeds from $275 million of additional debt incurred at the subsidiary level. Texas Gas owns and operates a 5,800-mile pipeline system that transports natural gas from the Gulf Coast, east Texas and north Louisiana to markets in the southern United States The Southern United States—commonly referred to as the American South, Dixie, or simply the South—constitutes a large distinctive region in the southeastern and south-central United States. through the Midwest. Texas Gas has a delivery capacity of 2.8 billion cubic feet (Bcf) per day and a working storage capacity of 55 Bcf. James Tisch, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Loews commented, "We are pleased to announce the closing of this significant acquisition. Texas Gas is a first-rate company that we think complements our other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. very well - particularly our other energy-related investments. We are delighted to welcome Texas Gas as a Loews subsidiary." Loews Corporation, a holding company, is one of the largest diversified financial corporations in the United States. Its principal subsidiaries are CNA Financial Corporation, Lorillard, Inc., Diamond Offshore Drilling Diamond Offshore Drilling, Inc. is a deepwater drilling contractor which provides drilling services to the energy industry. The company's headquarters are located in Houston, Texas, but they have offices in Louisiana, Africa, Australia, Brazil, Indonesia, Scotland, Singapore, and , Inc., Loews Hotels, Bulova Corporation, and Texas Gas Transmission Corporation. |
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