L · 10-Q · 2026Q3 · Full report
Senior Notes Refinancing
LOEWS CORP · 2026-11-02 · Importance 40 · Surprise 42 · No source text
Loews completed a $500 million public offering of 4.9% senior notes due April 1, 2036 in February 2026. It used the proceeds to redeem $500 million of 3.8% senior notes due April 1, 2026 on March 19, 2026. The refinancing increased Parent Company interest expense by $2 million in the third quarter and $7 million in the first nine months of 2026 compared with the respective 2025 periods.
Key facts
- Boardwalk Pipelines expects to retire $500 million of 4.5% senior notes and $100 million of 7.3% senior notes at their July 2027 maturities using available capital resources, including possible revolving-credit borrowings or debt issuance. source
- Parent Company interest expense increased $2 million and $7 million for the three and nine months ended September 30, 2026, respectively, due to the February 2026 issuance of $500 million of 4.9% senior notes due April 1, 2036, used to redeem $500 million of 3.8% notes due April 1, 2026 on March 19, 2026. source
- In February 2026, Loews completed a public offering of $500 million of 4.9% senior notes due April 1, 2036; proceeds redeemed $500 million of 3.8% senior notes due April 1, 2026 on March 19, 2026. source
- On March 1, 2026, Boardwalk Pipelines redeemed $550 million of 6.0% senior notes due June 1, 2026, at par plus unpaid and accrued interest, funded with proceeds from $550 million of 5.4% senior notes due February 15, 2036 issued in 2025. source
- Corporate's results declined in the first nine months of 2026 primarily because of lower parent-company trading-portfolio investment income and higher interest expense related to a recent debt refinancing. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | negative | realized | -0.8% | Parent Company interest expense increased $2 million and $7 million for the three and nine months ended September 30, 2026, respectively,… |
| liability | positive | committed | +0.6% | Boardwalk Pipelines expects to retire $500 million of 4.5% senior notes and $100 million of 7.3% senior notes at their July 2027… |
| liability | negative | realized | -0.6% | Parent Company interest expense increased $2 million and $7 million for the three and nine months ended September 30, 2026, respectively,… |
| liability | positive | realized | +0.6% | Parent Company interest expense increased $2 million and $7 million for the three and nine months ended September 30, 2026, respectively,… |
| cash | negative | realized | -0.6% | Parent Company interest expense increased $2 million and $7 million for the three and nine months ended September 30, 2026, respectively,… |
| net_income | negative | committed | -0.6% | In February 2026, Loews completed a public offering of $500 million of 4.9% senior notes due April 1, 2036; proceeds redeemed $500 million… |
| net_income | positive | committed | +0.3% | On March 1, 2026, Boardwalk Pipelines redeemed $550 million of 6.0% senior notes due June 1, 2026, at par plus unpaid and accrued… |