Centuri Holdings refinances debt with $800M term loan, extends revolver to 2030, lowers rate

Centuri Holdings, Inc.

New $800M term loan facility maturing July 2032; $93.6M new money, $706.4M refinanced existing term loans.
Revolving credit facility increased to $450M (from $400M), maturity extended from Aug 2026 to July 2030.
Interest rate margin decreased by 0.25% to 2.25% (SOFR) and 1.25% (base rate).
Change in control covenant relaxed: Southwest Gas can go below 51% without triggering default.
Leverage covenant set at 4.50x through Sep 2026 then 4.00x; interest coverage min 2.50x.

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