---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-012081"
form_type: "8-K"
ticker: "SWX"
cik: "0001692115"
company_name: "Southwest Gas Holdings, Inc."
filed_at: "2023-01-20T23:59:59+00:00"
generated_at: "2026-06-20T12:34:33.332384+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Southwest Gas Corp. enters $450M term loan to fund higher natural gas costs for winter 2022-2023

## Summary
- $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.

## SEC filing metadata
- accession: 0001193125-23-012081
- form_type: 8-K
- ticker: SWX
- cik: 0001692115
- company_name: Southwest Gas Holdings, Inc.
- filed_at: 2023-01-20T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1692115/000119312523012081/0001193125-23-012081-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/92416/000119312523012081/d439616d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-012081
- JSON: https://secwatch.observer/filing/0001193125-23-012081.json
- Plain text: https://secwatch.observer/filing/0001193125-23-012081.txt

## Key facts
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1692115/000119312523012081/0001193125-23-012081-index.htm
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1692115/000119312523012081/0001193125-23-012081-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.