Southwest Gas Prices Of 3.58 Mln Share Underwritten Public Offering At $60.12/share
(RTTNews) - Southwest Gas Holdings, Inc. (SWX) announced Wednesday that it has priced an underwritten public offering of 3.58 million shares of its common stock at a public offering price of $60.12 per share, for net proceeds, after the underwriting discount and before the estimated expenses of the offering payable by the Company, of approximately $207.7 million.
The offering is expected to close on March 10, 2023, subject to customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to an additional 536,427 shares of common stock.
The Company intends to use the net proceeds from the offering to repay outstanding borrowings under its credit facility and the remaining amounts due under the amended 364-day term loan credit agreement entered into in November 2021 in connection with the acquisition of MountainWest Pipelines Holding Company, and the remainder for working capital and general corporate purposes.
J.P. Morgan and BofA Securities are acting as joint book-running managers for the offering. MUFG, BTIG, KeyBanc Capital Markets, TD Securities, Well Fargo Securities and BNY Mellon Capital Markets, LLC are acting as co-managers.
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