Southwest Gas Holdings Initiates Secondary Public Offering of Centuri Holdings Common Stock

Overview of the Offering

Southwest Gas Holdings, Inc. (NYSE: SWX) has officially launched a secondary public offering for Centuri Holdings, Inc. (NYSE: CTRI). The transaction allows the company to sell 9,500,000 shares of Centuri's common stock as part of its strategic financial planning. Additionally, the underwriters have been granted a 30-day option to acquire up to 1,425,000 more shares.

This offering represents a crucial step in enhancing the operational and financial framework of both Southwest Gas and Centuri Holdings. The company aims to effectively respond to changing market dynamics while maximizing shareholder value.

Details of the Offering

The decision to initiate this offering follows Southwest Gas Holdings' strategic analysis of its operational portfolio. The proceeds from the offering are expected to facilitate ongoing investments and innovations within Centuri Holdings. Notably, this initiative is poised to strengthen their infrastructure services across North America, especially in the energy sector.

A simultaneous private placement has also been arranged with Icahn Partners and Icahn Partners Master Fund LP, investment groups associated with Carl C. Icahn, for $22 million in shares of Centuri Holdings. This private placement will occur at the same share price as the public offering. However, it is subject to typical closing conditions and will not close before July 9, 2025. If the conditions aren't met by this date, the private placement will be nullified.

Regulatory and Compliance Aspects

This offering is grounded in an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). A preliminary prospectus supplement detailing the offering's terms will soon be available on the SEC's official website. Important to note is that this press release does not constitute a formal offer to sell or solicit any purchases of these securities, and the sale is subject to applicable securities laws.

About Southwest Gas Holdings

Southwest Gas Holdings, through its key subsidiary Southwest Gas Corporation, engages in the purchasing, distribution, and transportation of natural gas. The company serves over 2 million customers within Arizona, Nevada, and California, focusing on ensuring safety and reliability in service delivery while exploring sustainable energy innovations.

About Centuri Holdings

Centuri Holdings, Inc. stands as a pivotal player in the utility infrastructure services sector, collaborating with regulated utilities to build and maintain essential energy networks across the United States and Canada. Their focus is on creating and sustaining the energy frameworks that power residential and commercial establishments alike.

Looking Ahead

As the offering unfolds, it reflects Southwest Gas Holdings' forward-looking approach, positioning the organization for future growth amidst industry changes. Investors and stakeholders are advised to remain informed by reviewing updates pertaining to this offering as well as the performance metrics of both Southwest Gas and Centuri Holdings as they adapt to an evolving landscape.

The upcoming prospectus will provide further insights, with the offering expected to be attractive for those seeking opportunities in energy infrastructure investments. Observers should also be mindful of the associated risks and market conditions that may influence the final outcomes of this offering. For more detailed information, potential investors should refer to the preliminary prospectus supplement set to be filed with the SEC.