Southwest Gas Holdings Announces Closing of Secondary Public Offering of Centuri Holdings, Inc. Common Stock

Core Viewpoint - Southwest Gas Holdings, Inc. successfully closed a secondary public offering of Centuri Holdings, Inc. common stock, raising significant capital for debt repayment [1][3]. Group 1: Offering Details - The company sold 10,350,000 shares of Centuri's common stock at a public offering price of $17.50 per share, including the underwriters' full exercise of their option to purchase an additional 1,350,000 shares [1]. - Icahn Partners LP and Icahn Partners Master Fund LP purchased 2,857,142 shares of Centuri's common stock in a concurrent private placement at the same price per share as the public offering [2]. - The net proceeds from the offering were approximately $175 million, while the concurrent private placement generated about $50 million [3]. Group 2: Use of Proceeds - The proceeds from both the offering and the private placement will be utilized for the repayment of outstanding indebtedness [3]. Group 3: Ownership Structure - After the completion of the offering and private placement, Southwest Gas Holdings retains approximately 65.9% ownership of Centuri's outstanding common stock [3]. Group 4: Underwriters - J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities served as joint lead book-running managers for the offering, with additional support from BofA Securities and Moelis & Company [4]. Group 5: Company Background - Southwest Gas Holdings operates through its subsidiary, Southwest Gas Corporation, which focuses on the distribution and transportation of natural gas across Arizona, Nevada, and California [7]. - Centuri Holdings, Inc. provides utility infrastructure services, partnering with regulated utilities to maintain energy networks in the U.S. and Canada [8].