Southwest Gas Holdings Reveals Secondary Offering Plans for Centuri
Southwest Gas Holdings Announces Secondary Public Offering
Southwest Gas Holdings, Inc. (NYSE: SWX) has recently made headlines by announcing the initiation of an underwritten secondary public offering of Centuri Holdings, Inc. (NYSE: CTRI) common stock. This offering will include 9,500,000 shares of Centuri common stock, with Southwest Gas Holdings acting as the selling stockholder. To further enhance this offering, there is an anticipated 30-day option for underwriters to acquire an extra 1,425,000 shares of Centuri’s stock.
Details of the Offering
This secondary public offering is significant and hinges on the expiration or possible early termination of specific waiting periods related to certain antitrust filings mandated by the Hart-Scott-Rodino Antitrust Improvements Act. The offering also details an agreement for Southwest Gas Holdings to sell $22 million in Centuri shares to investment entities connected with Carl C. Icahn. This sale will occur through a concurrent private placement, with a price per share that matches the offering price.
It is important to note that the private placement is subject to standard closing conditions, and should the closing not happen by a specified date, this placement will not proceed. Additionally, this sale will not be registered under the Securities Act, meaning that the sale of these shares is contingent on closing the offering but is not dependent on closing the concurrent private placement.
Regulatory Aspects of the Offering
The offering will occur under an effective shelf registration statement, which includes a base prospectus that Centuri has filed with the U.S. Securities and Exchange Commission (SEC). A preliminary prospectus supplement detailing the specific terms of the offering will also be filed and is expected to be publicly accessible on the SEC's official website.
This announcement does not represent a solicitation to sell or purchase these securities in any region where such actions would violate local laws. Any potential offerings or sales will comply with relevant registration requirements of the Securities Act, ensuring all legal aspects are duly observed.
About Southwest Gas Holdings
Southwest Gas Holdings, Inc. operates primarily through its subsidiary, Southwest Gas Corporation, focusing on the purchase, distribution, and transportation of natural gas. This energy company proudly serves over 2 million customers across various states, ensuring reliable service while continuously innovating sustainable energy solutions that support community growth.
Commitment to Customers
The commitment to exceeding customer expectations is at the forefront of Southwest Gas Corporation’s philosophy, as they strive to provide safe and dependable services while contributing to the overall well-being of the communities they serve.
About Centuri Holdings
Centuri Holdings, Inc., a strategic utility infrastructure service provider, plays a vital role in maintaining the vast energy networks that serve millions of households and businesses across North America. Their partnership with regulated utilities ensures efficient and robust energy infrastructure that meets the demands of a growing population.
Pioneering Infrastructure Development
With innovation and sustainability as driving forces, Centuri collaborates closely with utility companies to build and maintain essential infrastructure, promoting energy reliability and efficiency.
Frequently Asked Questions
What is the purpose of the secondary public offering?
The secondary public offering allows Southwest Gas Holdings to offer shares of Centuri Holdings to investors, enhancing liquidity and potentially funding further growth.
What is included in the concurrent private placement?
The concurrent private placement involves the sale of $22 million in shares of Centuri common stock to affiliated investment entities, subject to typical closing conditions.
Where can I find more information regarding the offering?
Additional information about the offering, including the prospectus, will be published by Centuri on the SEC's website.
How does the offering impact shareholders?
This offering can provide current shareholders with a liquidity event, allowing them to sell their shares while potentially raising capital for future developments.
What does this mean for the future of Southwest Gas Holdings?
The successful execution of this offering may pave the way for Southwest Gas Holdings to enhance its financial position and continue to invest in infrastructure and energy solutions.
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