Southwest Gas subsidiary Centuri amends credit facility to increase leverage covenants for Q1-Q3 2024

Southwest Gas Holdings, Inc.

Max total net leverage ratio raised to 5.75x for Q1 2024, 6.00x for Q2 2024, 5.75x for Q3 2024.
Interest coverage ratio floor lowered to 2.00x for Q1 through Q4 2024; reverts to 2.50x thereafter.
Additional leverage covenant cushion available if Centuri completes a Qualified IPO ≥$100M before March 2025.
Amendment provides significant covenant headroom, suggesting higher near-term leverage expectations.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Southwest Gas Holdings, Inc. amended Amendment No. 4 with Wells Fargo Bank, National Association (effective 2024-03-22).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Effective: 2024-03-22

Exact text from the filing

On March 22, 2024, Centuri Group, Inc. (“Centuri”), a wholly owned subsidiary of Southwest Gas Holdings, Inc. (the “Company”), and Centuri Canada Division Inc. entered into Amendment No. 4 (“Amendment No. 4”) to the Second Amended and Restated Credit Agreement

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Southwest Gas Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-075301

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