Southwest Gas Holdings, Inc. (SWX): debt financing — Southwest Gas Corp. enters $450M term loan to fund higher natural gas costs for winter 2022-2023

Southwest Gas Holdings, Inc.

$450 million 364-day term loan, maturing January 19, 2024, under a credit agreement with JPMorgan as agent.
Proceeds to fund higher-than-expected natural gas costs for Nov 2022–Mar 2023 due to low storage, pipeline maintenance, and cold weather.
Interest at SOFR+0.10% plus 0.95% margin (ABR loans at alternate base rate plus 0.00%), with floors of 0.00% (SOFR) and 1.00% (ABR).
Covenant requires funded debt to total capitalization not exceed 0.70 to 1.00 at quarter-end.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Southwest Gas Holdings, Inc. incurred term loan of $450 million with JPMorgan Chase Bank, N.A., as Administrative Agent at term SOFR plus an adjustment of 0.100% plus an applicable margin of 0.950% maturing January 19, 2024.

Instrument: term loan
Principal: $450 million
Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent
Rate: term SOFR plus an adjustment of 0.100% plus an applicable margin of 0.950%
Maturity: January 19, 2024
Event: incurrence

Exact text from the filing

On January 20, 2023, Southwest Gas Corporation (the “Company”) entered into a 364-Day Term Loan Credit Agreement (the “Term Loan Agreement”) with the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. The Term Loan Agreement provides for a term loan (the “Term Loan”) of $450 million that matures on January 19, 2024.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Southwest Gas Holdings, Inc. entered into 364-Day Term Loan Credit Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent valued at $450 million (effective 2023-01-20).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent
Value: $450 million
Effective: 2023-01-20

Exact text from the filing

On January 20, 2023, Southwest Gas Corporation (the “Company”) entered into a 364-Day Term Loan Credit Agreement (the “Term Loan Agreement”) with the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. The Term Loan Agreement provides for a term loan (the “Term Loan”) of $450 million

View on SEC.gov

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Southwest Gas Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-012081

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