LOEWS CORP

Note 12. Debt

At December 31, 2023, the aggregate long-term debt maturing in each of the next five years is approximately as follows: $1.7 billion in 2024, $0 in 2025, $1.8 billion in 2026, $1.1 billion in 2027, $83 million in 2028 and $4.4 billion thereafter. Long-term debt is generally redeemable in whole or in part at the greater of the principal amount or the net present value of remaining scheduled payments discounted at the specified treasury rate plus a margin.

CNA is a member of the Federal Home Loan Bank of Chicago (“FHLBC”). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CNA held $5 million of FHLBC stock as of December 31, 2023, giving it access to approximately $106 million of additional liquidity. As of December 31, 2023 and 2022, CNA hadno outstanding borrowings from the FHLBC.

In 2023, CNA amended and restated its existing credit agreement with a syndicate of banks. The agreement provides afive-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At CNA’s election, the commitments under the amended and restated credit agreement may be increased from time to time up to an additional aggregate amount of $100 million, andtwo one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. As of December 31, 2023, CNA hadno outstanding borrowings under the credit agreement and was in compliance with all covenants.

In 2023, CNA issued $500 million of 5.5% senior notes due June 15, 2033 and repaid at maturity the $243 million outstanding aggregate principal balance of its 7.3% debenture.

Boardwalk Pipelines has a revolving credit facility with available borrowing capacity of $1 billion through May 27, 2027 and a borrowing capacity of $912 million from May 28, 2027 to May 26, 2028. Interest rates are based on the term Secured Overnight Financing Rate (“SOFR”). As of December 31, 2023, Boardwalk Pipelines had $25 million of outstanding borrowings under its revolving credit facility. As of December 31, 2023, Boardwalk Pipelines was in compliance with its covenants under the credit agreement.

Boardwalk Pipelines’ $600 million of 5.0% senior notes due December 15, 2024 has been included as long-term debt as of December 31, 2023. Boardwalk Pipelines has the intent and ability to refinance the notes near or at their maturity through available capital resources, including borrowing under its revolving credit facility or publicly issuing debt securities.

In 2023, Loews Corporation retired at maturity with available cash the outstanding $500 million aggregate principal amount of its 2.6% senior notes.

Certain of the hotels wholly or partially owned by Loews Hotels & Co are financed by debt facilities, with a number of different lenders. Each of the loan agreements underlying these facilities contains a variety of financial and operational covenants. As of December 31, 2023, Loews Hotels & Co was in compliance with these covenants.