SWX sells 11.9M Centuri shares for $225M, ends spin-off rights plan

Southwest Gas Holdings, Inc.

Sold 9M Centuri shares at $17.50 via underwritten offering; net proceeds ~$175M.
Concurrent private placement of 2.86M Centuri shares to Icahn entities; net ~$50M.
Proceeds of ~$225M used for debt repayment; Centuri received no proceeds.
Board terminates Tax-Free Spin Protection Plan; no longer pursuing tax-free Centuri spin-off.
Underwriters have 30-day option to purchase up to 1.35M additional Centuri shares at $17.50.

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