Southwest Gas Holdings Unveils New Offering for Centuri Stock

Southwest Gas Holdings Launches Secondary Offering

Southwest Gas Holdings, Inc. (NYSE: SWX) has recently initiated a secondary public offering involving Centuri Holdings, Inc. (NYSE: CTRI). This significant move facilitates the sale of 15 million existing shares of Centuri's common stock. As the selling stockholder, Southwest Gas Holdings expects to provide underwriters with a 30-day option to acquire an additional 2.25 million shares.

Concurrent Private Placement Details

In an exciting development, Southwest Gas Holdings revealed that Icahn Partners and Icahn Partners Master Fund LP will purchase a combined total of 1,573,500 shares of Centuri’s common stock from them in a concurrent private placement. This private placement will take place at a price matching that of the public offering price per share. Importantly, this sale is set to occur immediately following the public offering closing, pending standard closure conditions, including the successful completion of the public offering.

Registration and Securities Compliance

The offering adheres to a valid shelf registration statement that Centuri filed with the U.S. Securities and Exchange Commission (SEC). Following this announcement, a preliminary prospectus supplement detailing the offering's terms will be filed and made accessible via the SEC’s website. The sale will only occur through this official prospectus, ensuring compliance with securities regulations.

Market Implications and Community Impact

This public offering by Southwest Gas Holdings highlights the company’s robust strategy to enhance capital through its holdings in Centuri. The additional capital raised through this offering aims to further solidify Centuri’s services, which include utility infrastructure across North America. Southwest Gas Holdings remains committed to driving growth and improving services in the energy sector, benefitting millions of customers.

About Southwest Gas Holdings

Southwest Gas Holdings, through its core subsidiary, Southwest Gas Corporation, focuses on the procurement, distribution, and transportation of natural gas. Serving over 2 million customers across the region, Southwest Gas Corporation prides itself on delivering safe and dependable service, while also pioneering sustainable energy solutions to support community development.

About Centuri Holdings, Inc.

Centuri Holdings, Inc. stands out as a pivotal provider of utility infrastructure services. The company partners with regulated utilities, ensuring the development and maintenance of the energy networks vital for countless homes and businesses across the United States and Canada. Their strategic contributions are essential for sustaining energy operations and facilitating the growth of local economies.

Frequently Asked Questions

What is the purpose of the secondary offering by Southwest Gas Holdings?

The secondary offering is designed to facilitate the sale of existing shares of Centuri Holdings' common stock, enhancing capital for Southwest Gas Holdings.

Who will purchase shares in the concurrent private placement?

Icahn Partners and Icahn Partners Master Fund LP will purchase 1,573,500 shares of Centuri's common stock from Southwest Gas Holdings.

When is the offering expected to close?

The closing of the offering is expected to happen promptly, after satisfying customary closing conditions, including finalization of the public offering.

What does the offering mean for Centuri Holdings?

This offering allows Centuri to strengthen its financial position, enhancing its ability to provide comprehensive utility services across North America.

How does Southwest Gas Holdings support its customers?

Southwest Gas Holdings aims to exceed customer expectations by delivering safe, reliable service and developing sustainable energy solutions for community growth.

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