LOEWS CORPL
LOEWS CORP Debt Disclosure
Debt
| December 31 | 2025 | 2024 | |||||||||
| (In millions) | |||||||||||
| Loews Corporation (Parent Company): | |||||||||||
| Senior: | |||||||||||
3.8% notes due 2026 (effective interest rate of 3.9%) (authorized, $500) | $ | 500 | $ | 500 | |||||||
3.2% notes due 2030 (effective interest rate of 3.3%) (authorized, $500) | 500 | 500 | |||||||||
6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300) | 300 | 300 | |||||||||
4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500) | 500 | 500 | |||||||||
| CNA Financial: | |||||||||||
| Senior: | |||||||||||
4.5% notes due 2026 (effective interest rate of 4.5%) (authorized, $500) | 500 | ||||||||||
3.5% notes due 2027 (effective interest rate of 3.5%) (authorized, $500) | 500 | 500 | |||||||||
3.9% notes due 2029 (effective interest rate of 3.9%) (authorized, $500) | 500 | 500 | |||||||||
2.1% notes due 2030 (effective interest rate of 2.1%) (authorized, $500) | 500 | 500 | |||||||||
5.5% notes due 2033 (effective interest rate of 5.7%) (authorized, $500) | 500 | 500 | |||||||||
5.1% notes due 2034 (effective interest rate of 5.3%) (authorized, $500) | 500 | 500 | |||||||||
5.2% notes due 2035 (effective interest rate of 5.2%) (authorized, $500) | 500 | ||||||||||
| Boardwalk Pipelines: | |||||||||||
| Senior: | |||||||||||
6.0% notes due 2026 (effective interest rate of 6.2%) (authorized, $550) | 550 | 550 | |||||||||
4.5% notes due 2027 (effective interest rate of 4.6%) (authorized, $500) | 500 | 500 | |||||||||
7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100) | 100 | 100 | |||||||||
4.8% notes due 2029 (effective interest rate of 4.9%) (authorized, $500) | 500 | 500 | |||||||||
3.4% notes due 2031 (effective interest rate of 3.5%) (authorized, $500) | 500 | 500 | |||||||||
3.6% notes due 2032 (effective interest rate of 3.7%) (authorized, $500) | 500 | 500 | |||||||||
5.6% notes due 2034 (effective interest rate of 5.8%) (authorized, $600) | 600 | 600 | |||||||||
5.4% notes due 2036 (effective interest rate of 5.5%) (authorized, $550) | 550 | ||||||||||
| Finance lease obligation | 3 | 4 | |||||||||
| Loews Hotels & Co: | |||||||||||
Senior debt, principally mortgages (effective interest rates approximate 5.9% and 6.7%) | 1,009 | 1,011 | |||||||||
| 9,612 | 9,065 | ||||||||||
| Less unamortized discount and issuance costs | 72 | 70 | |||||||||
| Less intercompany eliminations | 51 | 51 | |||||||||
| Debt | $ | 9,489 | $ | 8,944 | |||||||
| December 31, 2025 | Principal | Unamortized Discount and Issuance Costs | Net | Short Term Debt | Long Term Debt | ||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||
| Loews Corporation | $ | 1,800 | $ | 14 | $ | 1,786 | $ | 500 | $ | 1,286 | |||||||||||||||||||
| CNA Financial | 3,000 | 29 | 2,971 | 2,971 | |||||||||||||||||||||||||
| Boardwalk Pipelines | 3,803 | 21 | 3,782 | 550 | 3,232 | ||||||||||||||||||||||||
| Loews Hotels & Co | 1,009 | 8 | 1,001 | 2 | 999 | ||||||||||||||||||||||||
| Less intercompany eliminations | 51 | 51 | 51 | ||||||||||||||||||||||||||
| Total | $ | 9,561 | $ | 72 | $ | 9,489 | $ | 1,052 | $ | 8,437 | |||||||||||||||||||
At December 31, 2025, the aggregate long-term debt maturing in each of the next five years is approximately as follows: $1.1 billion in 2026, $1.1 billion in 2027, $56 million in 2028, $1.2 billion in 2029, $1.1 billion in 2030 and $5.1 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, 2025, giving it access to approximately $108 million of additional liquidity. As of December 31, 2025 and 2024, CNA had no outstanding borrowings from the FHLBC.
In 2023, CNA amended and restated its existing credit agreement with a syndicate of banks. The agreement provides a five-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, and two one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. As of December 31, 2025, CNA had no outstanding borrowings under the credit agreement and was in compliance with all covenants.
In 2025, CNA completed a public offering of $500 million aggregate principal amount of its 5.2% senior notes due August 15, 2035 and redeemed the $500 million outstanding aggregate principal amount of its 4.5% senior notes in advance of the March 1, 2026 maturity date.
In 2025, Boardwalk Pipelines amended and restated its existing revolving credit agreement with Wells Fargo Bank, N.A., providing for available borrowing capacity of $1 billion through November 10, 2030. As of December 31, 2025, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility. As of December 31, 2025, Boardwalk Pipelines was in compliance with its covenants under the amended and restated credit agreement.
In 2025, Boardwalk Pipelines completed a public offering of $550 million aggregate principal amount of its 5.4% senior notes due February 15, 2036, the proceeds of which will be used to redeem on March 1, 2026 the outstanding $550 million aggregate principal amount of its 6.0% senior notes due June 1, 2026 at a redemption price equal to par plus accrued and unpaid interest.
In 2025, Loews Hotels & Co refinanced $363 million in loans. Loews Hotels & Co, through its subsidiaries, has debt with various lenders which is generally secured by specific hotel properties. These loans include a range of financial and operational covenants.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 10, 2026 | Showing above |
| 2024 | Feb 11, 2025 | |
| 2023 | Feb 6, 2024 | |
| 2022 | Feb 7, 2023 | |
| 2021 | Feb 8, 2022 | |
| 2020 | Feb 9, 2021 | |
| 2019 | Feb 12, 2020 | |
| 2018 | Feb 13, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Feb 19, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.