Southwest Gas amends credit facility to enable Centuri spin-off and debt repayment

Southwest Gas Holdings, Inc.

Amendment No. 2 permits spin-off of Centuri Group without disrupting access to the Credit Facility.
Proceeds from future draws may be used to repay outstanding debt of subsidiary Southwest Gas Corporation.
Credit Facility terms otherwise unchanged; amendment effective April 25, 2023.
New covenants require no Event of Default and pro forma funded debt ratio not exceeding 0.70 to 1.00.
Defined 'Permitted Spin-Off' and added investment category for cash investments in Centuri Group.

Key facts

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

Southwest Gas Holdings, Inc. amended Amendment No. 2 with lenders party thereto, and The Bank of New York Mellon, as Administrative Agent (effective 2023-04-25).

Action: amendment
Agreement: credit facility
Counterparty: lenders party thereto, and The Bank of New York Mellon, as Administrative Agent
Effective: 2023-04-25

Exact text from the filing

On April 25, 2023, Southwest Gas Holdings, Inc. (the “Company”) entered into Amendment No. 2 (“Amendment No. 2”) to the Amended and Restated Revolving Credit Agreement, dated as of April 10, 2020 (as amended, the “Credit Facility”), with the lenders party thereto, and The Bank of New York Mellon, as Administrative Agent.

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Source: SEC EDGAR

accession 0001193125-23-126894

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